Hi all, I have a one-bed owned free and clear in the city of NY, well rented out.

@Joanna Lilly, unless you have a past track record of starting and completing BIG projects that are well outside your comfort zone, I would start with something small.  2 bed / 1 bath SFH rent, or maybe a 3 bed / 2 bath. 

But, what I remember, is it is a foundation destroyer if veins of it run under a property and Jackson, MS is a hot bed for it. 

I found a nice 4 bed 2 bath but I think I might need to do a bit more convincing for the house hacking life style.

@Bret Gillespie, we use the Zen Bamboo 1800 Series Luxury Bed Sheets from Amazon with the Luxe Bedding 3-Piece Oversized Quilted Bedspread Coverlet Set also from Amazon!

Some people have lived there for 20 years without rent increases.Current rent-roll is as follows:1 bed – Current: $735 -Verbal agreement with the tenant at $8501 bed - Current: $ 800 -Verbal agreement with the tenant at $9502 bed – vacant ->Projected: $1,3002 bed - vacant ->Projected: $1,3502 bed – vacant ->Projected: $1,4002 bed - Current: $865 -Verbal agreement with the tenant at $12002 bed - Current: $635 -Verbal agreement with the tenant at $10002 bed Current: $1000 -Verbal agreement with the tenant at $1300All of the current tenants are month to month.

It is a duplex with 4 beds and 2 baths in each unit.

My wife is a home and bedding designer by day, and a photographer on the weekends. 

The listing calls the house a 3/1 but you're using comps for a 4 to 5 bed with 2 to 3 bath homes.

Purchase price: $264,000 Cash invested: $15,000 Updated 3 bed 1 bath home.