In order for the deal to work for me as an investment, I would need to convert some of the living space into bedrooms.

My advice is thus:- a less risky way to get your feet wet in this space is to offer to manage someone else’s unit for 10% to 15% as a way to gain experience - This is way less risky and way less stressful as you are not on the hook for the lease, utils, supplies etc each month- if you are a real risk taker by nature and really want to get into arbitrage then the most profitable unit with the least amount of risk is likely going to be smallest studio apartment you can find.

E.g. if your goal is to own 1,000 doors then you may want to consider multifamily, if you goal is to be entirely passive then you might consider being a LP in a syndicate, if your goal is to self manage then you will likely buy close to home, etc.Focus on one strategy, go deep, build relationships and dominate that space.

You’re not going to get more than market rent, unless you start making bunk beds, add sleeping spaces, etc.

If you don't have 30 units under management or ownership and/or aren't in the commercial space, you're a waste of my time."

Super interesting to hear about how different companies in this space operate.

The home has plenty of space for first time home buyer with larger den area.

If so, reach out to me via email at info  @  REID Company Partners  .com (no spaces :-)  )Referrals fees paid :-) Just let me know you found this info on Bigger PocketsJenny

Or whether I’m on the right track or somewhere in outer space.

Find a place that works for you in terms of space since you will be living there and the numbers and go for it.