If the zoning permits it, I'm considering converting it to a studio (2 universities nearby and lots of demand for studio living spaces).Has anyone done this before?

I try to be memorable by playing up the "I'll buy any POS if the numbers work" aspect

I BELIEVE there are two different cape rates at play.

Grad school can be demanding.

I have read there are no national builders playing there so I'm sure the supply of new build is low.

So you can visit the basement, watch tv in the basement, knit afghans in the basement - but based upon the egress requirements you defined, it cannot legally be used as a sleeping area.So, if you do as you propose, and the housing police show up, you can try to sell them a story that you are not actually using the basement as a bedroom, and you really sleep on the couch upstairs, and you only visit the basement to assemble puzzles and play solitaire.

I've been playing with the idea of finding another pond to play in so to speak.  

Playing monopoly with real money and real properties can be very rewarding.

Its not that I'm unwilling to play by the rules, I'm just unsure if it would still be worth it as someone just starting out.

Do you mostly play the Sec8 game?