As far as ARV... that one was super hard to figure as it is in a unique area of town with lots of new condo construction, two bed one bath condos even the ones that aren't new construction sell all day for $225-$250k.  

I’m an investor in the college town Lawrence, Kansas and Currently I am living in a three bed two bath condominium with my wife and two babies.

Thanks guys for the feedback I'm still in the beginning stage i recently just purchase the property I'm currently in and just finished up a small renovation on the property and just trying to put together my next moves to start a passive income though real estate I'm looking at the options of a HELOC or cash out refi the property I'm in currently 3 bed 2 bathroom built in 2010 (ranch style)paid 122,000worth around 130,000good area, decent school district ,in a sub division 

Before you crawl into bed with anyone for any reason, find out about that person.

Two units of a three unit building, fully renovated with parking which are listed under 400k each, 3 bed, 1 bath.

Here's the quick overview of my numbers and projections with more detail in screenshots of my excel spreadsheets:Purchase Price:  $365,000Price Per Unit:  $60,833Two-Family:  $121,667Four-Family: $243,333Rehab Estimates:  $60,000 ($10K/unit) Estimated After Repair Value:  $575,000Loan:  90% LTV (of purchase price) @ 12% interest for 6 months with 2 points paid on exitProjected Cash-On-Cash Return:  29.35%Projected Internal Rate of Return:  51.02%Here's a picture of the current rent roll (two units were vacant) and my projection of the rent rollCurrent Rents:  (more details considering the numbers don't tell the whole story)Two-FamilyUnit 1 (2BR+):  VACANT - son-in-law lived here and moved out prior to closingUnit 2 (2BR):  VACANT - empty when I walked it... he was "finishing" itFour-FamilyUnit 1 (2BR):  $200/week H&HW included - one bedroom is painted entirely black, multiple windows are broken, and other weird things...Unit 2 (1BR):  $780/month H&HW included - only "normal" tenant in the buildingUnit 3 (Studio):  $150/week H&HW&E included - complete hoarder... floor to ceiling with junk except for a small path from his bed to the bathroom and the fridgeUnit 4 (Studio):  $155/week H&HW&E included - smokes in her apartment without a care in the world... had a lit cigarette while I was walking throughProjected Rents:Two-FamilyUnit 1 (2BR+):  $1,400/month (OWNER-OCCUPIED) nothing includedUnit 2 (2BR):  $1,200/month nothing includedFour-FamilyUnit 1 (2BR):  $1,200/month H&HW includedUnit 2 (1BR):  $1,100/month H&HW includedUnit 3 (Studio):  $1,000/mo H&HW&E includedUnit 4 (Studio):  $1,000/mo H&HW&E includedHere's how the numbers broke down for cash in and cash out:Actual and projected expenses for the properties (I was given a single sheet of paper with hand-written numbers). 

Purchase price: $15,000 Cash invested: $50,000 4 bed 2 bath single family home with 2900 sq ft of living space.

And alway compare apples to apples, a 3 bed 2 bath compared to similar.Second is the cost of the repairs.

So a typical 1 bed rental should accommodate 3 people.Read the lease if it has any specifics regarding this matter.

The difference is you don't keep a bed and roof at the gas station where your kids sleep after you buy gas for the first time.