Not a mortgage guy but this would depend on a lot of factors that we have no insights on. 

Personally Condo's in my area start around the 180k price point, then you're going to want to factor in down payment (18k) & closing costs (>6k), most units come furnished and ready to go so that will help with expenses.Best of luck to you! 

Also, I don't know if you factored this in but getting a mortgage on your homes will significantly decrease your cash flow, not to say you shouldn't do it.

Another exciting factor in this house is that it has a very large shop in the back yard.

And, of course, you would also factor in the cost of any additional loans you take out for construction costs if they're not included in your mortgage note or financing charges for the purchase of materials you put on a credit card if you go that route.

Once you factor in paying for furniture it could really skew your cash on cash return.

It depends on your unique situation, finances, real estate goals, the breakdown of this particular deal, etc...What was the deciding factor for my wife and I was that the pain we were going through was temporary.

@Alex NameishiYou can just buy lights with integral batteries and mount them in place of an existing light in your hallway.

Luckily, I didn't have a tenant yet, so the time lag was not a huge factor. 

@Lawrence Kutsovsky I think the biggest factor to consider is what is your goal, who do you want to be around, and who do you NEED to be around in order to achieve what you want to in real estate.