The potential NOI and cash flows seem to be roughly double what a comparable ‘vanilla’ multi-family would be at the same purchase price (such as a 3-unit apartment building).Many of the 14 bedrooms had not been fixed up in decades.

Hello @Shawn McMahonIn the area you've mentioned, $190 will get you a nice 2-3 bedroom condo or townhouse in Arvada or Westminster or a small house in pretty poor shape.  

I’m looking to house hack my first property and walked through a couple of properties that have a fair amount of square footage but only 3 bedrooms.

I manage my own portfolio, and most of my 3 or 4 bedroom houses rent for $3,500+.

We will be renting the 3 bedrooms of the main house as mid terms and the in-law as a long term.

Since they have been converted to 10 bedrooms each and have 10 renters in each home, I wonder how this may affect someone getting a fannie/freddi loan? 

As a Meridian resident and investor I believe you need to look at co-living - Buy a house, add bedrooms or get your first one with 5.  

Bottom line: if Ken McElroy is right (and he is “righterer” than me on REI) then my best Real Estate play is to have ample cash to buy the REO in 2022.

The first floor will be a bi-level with four bedrooms with an enclosed porch.

I completely outfitted my 4 bedroom house from scratch a few years ago, and it was a huge amount of time and work.