(If I don't buy I would downsize to a studio 300 sqft for $1300)Condo: $318k for ~600 sq ft, 1 bed w/ balcony + storage.

They base rent rates on know facts like square feet, number of beds and baths, etc.

I want to pursue building a fairly basic mountain/cabin style house on a full basement with (hypothetically) 2 beds 2 baths on the main level and 2 beds 1.5 baths on the basement level.

Ask yourself how you would like to hear the news that your rent/mortgage/taxes were being doubled.  

We could almost double rent in our house.

Always double check and verify the sellers numbers. for example If the seller is presenting the rental income as say $1000 per month you as the buyer need to know if that includes any other costs.

The property doubled in value two years later.

DealProperty - 3 bed/2 bathPurchase Price $105,000 House Value - $115,000Renting at - $950Mortgage (tax, insurance) - $555Maintains/Capital improvements - $100Vacancy - $125Property Management - $95 

Two kids would require at least 40 sq.ft. of bed space each with two feet of space between, meaning 100 sq.ft. total.

My apartment of 3 bed 2ba had at most 3 tenants so far,lately I have been getting inquiries from tenants with 5 occupants.