Having a child in the vicinity would be more beneficial as far as my social construct.

Students must live in campus approved housing for freshman and sophomore years, and junior and senior students with scholarships are also required to do so, however juniors and seniors without scholarships tell me they are anxious to live "off campus"Since apartment is one block from university, students can walk to campus, saving them parking permit fees.Additional income could be had by putting in coin laundry, soda/snack machines, and renting out storage units in basement as well as garage space.I have a friend that currently is the maintenance man for the entire university, and he is questioning students as to how much rent they are paying to live off campus currently.OPTIONS:  Rent furnished apartments to 4 students per two bedroom and two in basement unitRent furnished apartments to 4 students per two bedroom and create common area in basement for study/recreationRent all units unfurnishedOption to raise rents by including all furnishings, cable, wifi, cleaning service etc. with them simply paying rent and electric.FINANCINGtax value (not market value) 105,000Taxes $2,200 with no exemptionsProperty currently has a 30K mortgage left of a 55k loan previously taken out to "give first child his half"Owner, due to age is most interested in payments, and leaving remainder to 2nd child for "her half" Owner has expressed the following offer :30K to pay off current mortgage, and 250K to purchase an annuity that would pay $10K/year for his and his daughters lifetime.In its present state, I question whether the property is able to be financed FHA due to condition, though it is a solid building, the maintenance has been deferred.comps on property are practically non existent.MY SITUATION:I have perfect credit, and am about to flip a seasoned home with no mortgage and expect to clear approx. 70K.I am single, steady long term employment, and have no debt.I have a realtors license in inactive status, and have hands on experience with major property improvements.I am a "Dave Ramsey" girl, and debt makes me quiver...  :-)Note: Property is currently in a Life Estate Rev.

Don't forget to consider things like HOA fees, state income taxes, child support, Medicaid, code violation citations, municipal liens ...

I just entered the real estate investing world last year after nearly 11 years in Haiti as a missionary and director/founder with Child Hope International.  

The two adults are parent and child (over 18), both are on the current lease.  

So, I continue getting my child ready for the days end.

Hey @Holly S.First off, congratulations on your child, and welcome to Bigger Pockets!

I'd like to learn about how to move up the housing "progression".I just recently got married, and my wife and child live with me in a small 2-bedroom apartment with a monthly rent of $740.

Adding a walk in closet to to lower bedroom that will most likely be a guest bedroom or a child's room, wont do anything for the salability or marketablity of the property.With a home of this size you want to sell life style and comfort more than anything else.

It's hard to dedicate the time needed to do so with my first child and work but if it was easy everyone would be doing it.