After we moved we rent both spaces for a profit of $1500/month after all expenses and the house has appreciated by $150,000.

@Steven CatudalFor such a small amount you could try to open trade accounts and commercial revolving accounts for your material expenses. 

Any damage to the wallpaper, paint, walls, floors, carpeting, doors, windows, window treatments, light fixtures, appliances, or other improvements to the Property (to include burst water pipes due to freezing caused by neglect or carelessness of the Tenant, his family, or any of his guests), in excess of ordinary wear and tear, shall be promptly repaired or replaced by tenant, at Tenant’s sole expense, so as to restore the Property to the same condition as existed prior to the commencement of the Term.

It currently just breaks even with today’s interest rates and reported expenses and therefore wouldn’t meet my requirements of being a cash flowing asset.

Cash flow (in my portfolio as a whole) covers my expenses.

So about 1,100-1200 monthly expenses after groceries and other miscellaneous things I’d say.

I know it's talked about all the time, but I recommend people leave their equity and focus on increasing income, cutting expenses, and saving for the next investment.

I used market leader when I first started - I still have the site just not paying for leads at the moment- and it paid for itself plus about one transaction.

It would be a good project for a custom builder, but I would think that the guys who are building big expensive houses would probably just want to buy the lot outright to keep more of the profit (understandably so). 

I found it on Zillow and paid list price, less seller credits for closing costs How did you finance this deal?