Typical homes build in the 40's to house "Arsenal of Democracy" workers at the nearby Willow Run industrial Complex during WWII. 3/1, 1000 sf, basement.

Maybe do some return calculations and then compare it to a few random cities nearby.

If you succeed you will like it and stay in for long term -- Some comments by Laura are good.I am engineer - and had four ( 4) rental homes --for over 18 years while still working full time --Consider as Busienss not just investment --this is not stock which you can buy and sell at any time --yes-some times confusing, frustrating and time consuming --My best suggestion is buy a single family home -- best time to buy now --bank foreclosures-- if you have a college or hospital near by -- buy a 3 or 4 bedroom house and rent to three --students or female nurses ( single) -- find local students or young kids to cut grass and have a lawn service to spray checmicals --get an older retiree for minor repairs and maintenance --and dont be greedy --keep tenants happy -- buy hosue --around $50,000 cash --which should be $80,000 to$100,000 current retail value - do some homework on pricing -Refinance the hosue after 12 months --get cash back and buy another -- if you buy one house every year or every two years and let tenants pay for mortgage --you ahev five hosues in tenyears and get paid in next ten years --you will have over $1 million net worth--all paid for Free and Clear Five hosues-- for retiring in 20 years or early --you do not need cash flow now --keep the job if you like the job -- good luck

But we know better, like a 12" hole in the wall is less serious than a 3" hole in a window, a garbage disposal that doesn't run is much better than a furnace fan that doesn't.This is one reason I like to shop nearby our home so I can view property myself.

I was going more conservative and using $1135 because I am targeting students at a nearby seminary/college and their 3 bed 2 bath on campus is $1135.

Picked it up at the coffee house this morning.It's not only the feds who will do rental secret shopping, but also housing non-profits.Know the law so you won't get into troubles.Hi-Res scan: http://i55.tinypic.com/2dwevq.jpg

It depends on what the judge coffee was like that morning, according to your lease agreement they have to pay rent but can take you to court and try to sue for some of their rent.

In other words, do a lot of nearby properties currently offer this option?

We're sitting around the fire in the driveway drinking coffee when I decide to regale the crowd with a story about our last Ikea trip.

I miss having a great bakery nearby that's open all hours of the day/night.I'm glad you've found us and look forward to having you around!