My approach is to maximise returns as quickly as possible.

We are therefor talking about two separate topics...success and maximising profits.

My thought train is how to maximising cash flow income from multiple income streams and not just vacationers.Maybe you have time one day soon to chat :)

Typically single family homes are not designed for renting by the room, so you just need to expect to do upgrades if you want to maximise the use. 

@Rahul SunkavalliI would maximise both. 

Good Day Simon, I appreciate the advice and will using everything in my power to maximise it!

You will need to unload the SFHs to maximise your investments at some point in time anyway so you might as well do it now.

If you want a house with character leave it as it is, maybe your contractor will buy it, but if your goal is to maximise rental income do what you plan and change the lay out.

If you really would like to maximise profits then use RE as copper.

If I consider the less than ideal location for maximising rents, might not be appropriate for a first time buy :)What numbers can never tell me is the appropriateness of the building age and if that was an issue; as investors how much weight do you give to the building age assuming big ticket items are ok?