Does anyone have any experience renting SFH with 3 very small bedrooms. 

Hi Eric Dubrule The property has 3 units, roughly identical, with 3 bedrooms, 1 bath, 1100 sqft each.

Currently the attic space is split between the two units, but I plan to close it off from one side, and make it a bonus room / bedroom for the other unit (hence the higher rent for that one).Once completed and rented, I will do a cash-out refi to obtain my optimal ROI numbers (I paid all cash for the house and will probably use a home equity line of credit to do the renovations).

We just rented our 1-bedroom unit in downtown SJ for $1,550/month. 

The question is what kind of 3 bedroom SFR's are available in that market for under $120K?  

-Lots of holes in every single wall from hanging things on the wall and the husband stringing cable to every single bedroom.

That leaves precious little for a rehab of a 5-bedroom home, perhaps $30K.

Most apartment complexes currently have a several month waiting list for a 1 bedroom, yet 1 bedroom condos remain incredibly cheap in Orange County, particularly around Universal.. so.. the opportunity is real around here, but, you have to begin with what makes Orlando-metro unique, because it severely alters the landscape compared to other (typical?)

I'm looking at a 3 bedroom 3 bath 2000 sqft home in a rural area.  

We rent out our spare bedroom to qualified, positively reviewed travelers who are wanting to stay in a nice home instead of a hotel during their vacation.