I don't think my multi-family home is exactly what you're asking about, but it might give some perspective. I own a 2-family and live in the upstairs unit. This has the advantage of me always being "on site" and management expenses and worries are minimized. Turn over has never been an issue for me thanks to Craigslist and local college listing. I've seen capital appreciation, love the depreciation I claim on taxes and get $1200/month rent. Now that the mortgage is paid it nets me $1000/month after costs like insurance, maintenance and taxes are taken out. If I ever need a bit more income I could move downstairs and rent out the upper unit for $2000/month.
“So we beat on, boats against the current, borne back ceaselessly into the past.”
Current AA: 75% Equity Funds / 15% Bonds / 5% Stable Value /2% Cash / 3% TIAA Traditional
Retired Mar 2014 at age 52, target WR: 0.0%,
Income from pension and rent