What size is the lot?

23.Please send me a copy of your contract.24.What do you look for when screening a new tenant and what is the tenant screening process?

Here are some options and considerations:Find two SF-3 lots of the correct size next to each other.

This particular town has a minimum lot size of about 12,000 sf, with 100 feet of frontage, so it looks like the lot could be subdivided if the home now on the lot is torn down. 

Everyone has great suggestions...I would also suggest "local awareness"...If you are considering a rental strategy, use somethiing like www.rentometer.com, enter the sizes and address and see what THAT neighborhood is renting for.The other thing to do is establish a relationship with an investor friendly Realtor that can run a comparative market analysis for you to establish a resale value.

Completely depends on Location, size and level of finish - if it's in a "W" town near Boston or good school area you will be a lot higher than to would in other areas.

Really you just need to look at similar sized homes with the same bed/bath and see what finishes and floor plans the ones in the top end have.  

My agent said the bring in $2200/mth but have no other debt or payments.They are stressed about having to move (it would stress me out facing packing all that stuff up) and willing to pay more to be able to stay.I feel we just screen them like new tenants and if references check out I'm leaning towards continuing with them, although they are below the 3x rent income requirement.The property would probably need $3-5k in carpet and paint to ready for new renters so it would he great to have a good built in tenant for a while.Anyone have a situation like this go bad that can share some things to watch out for??

You will probably have to talk to several people before you get to the right person any how depending on the size of the bank.

I think getting the prospective tenant to sign the lease as soon as possible after her or she has been screened is a better option.