How to Earn $800 a Month with Co-Living PadSplit Rentals: Blake Lewis’ Step-by-Step Guide

Why This Episode Matters

Affordable housing investors are constantly asking: How can I generate strong cash flow while solving the housing shortage in my city? In this episode of the Affordable Housing & Real Estate Investing Podcast, host Kent Fai He sits down with Blake Lewis, Senior Account Executive at PadSplit and a first-time PadSplit investor in Atlanta. Blake walks us through her own deal—from finding the right property to setting up a co-living rental that nets her around $800 a month in cash flow.

This conversation is a masterclass for anyone looking to understand the mechanics of shared housing, risk management, and how to create sustainable affordable housing solutions that also produce strong returns.

How Can You Make Money with PadSplit Co-Living Rentals?

Blake’s August numbers tell the story clearly. With five rooms in her Atlanta property, even when one room sat empty for half a month, she still cleared $800 net cash flow after all expenses. Her gross payout from PadSplit was about $3,300, covering a $1,550 mortgage (PITI), utilities, lawn care, and minor repairs.

Her strategy shows that co-living can be a reliable cash flow play if you underwrite conservatively and set aside reserves for maintenance.

What Makes a Neighborhood Ideal for PadSplit Investments?

When searching for her first rental property, Blake focused on:

• Proximity to jobs and transit: She targeted homes within 0.25 miles of bus stops, knowing that nearly half of PadSplit tenants don’t own cars.
  
  

• Access to major highways: This improves commute times and makes the property attractive to working tenants.
  
  

• Community pride: She looked for streets with well-kept lawns and neighbors who care about their homes.
  
  

• High local demand: Using PadSplit’s data tools, she saw that properties in her zip code averaged just two days to get their first booking.
  
  

For investors, these location filters help de-risk the deal and ensure steady occupancy.

How Do You Renovate and Furnish a PadSplit for Maximum ROI?

Blake budgeted $25K for renovations but spent closer to $36K, plus $9K on furnishing. Key lessons from her setup:

• HVAC upgrades are critical: Each bedroom must have both supply and return vents for proper airflow.
  
  

• Five to six bedrooms is the sweet spot: Enough to cover operating costs without overcrowding.
  
  

• Furnishing hacks:
  
  

  • Full-size beds (not queens) discourage overnight guests.
    
    

  • Wood bed frames protect flooring better than metal.
    
    

  • Each room should have storage, a desk (if space allows), and even small touches like full-length mirrors and towel hooks.
    
    

• Common areas: Durable dining furniture, assigned fridge and cabinet space, and a basic coffee maker improve tenant satisfaction.
  
  

How Should You Screen Tenants in Shared Housing?

PadSplit runs background checks, income verifications, and eviction screens, but Blake adds her own layer of communication:

• Asking if applicants smoke and reiterating rules.
  
  

• Confirming transportation needs relative to bus stops.
  
  

• Setting clear expectations about quiet hours and shared living.
  
  

• Using cameras in common areas for safety and accountability.
  
  

Her approach is firm yet empathetic, ensuring the right tenant mix for long-term stability.

Key Insights from Blake Lewis’ PadSplit Strategy

• Cash flow is achievable: Even with vacancy, Blake cleared ~$800 a month.
  
  

• Location is everything: Transit, highways, and jobs drive occupancy.
  
  

• Renovation surprises happen: Always budget 30–40% above initial estimates.
  
  

• Design for comfort and turnover: Simple, durable furnishings increase tenant satisfaction.
  
  

• Data > guesswork: Use PadSplit’s occupancy and pricing data to guide investment decisions.
  
  

Best Quotes from the Episode

“With PadSplit, my PITI is around $1,550, and even after utilities and lawn care, I still put about $800 in my pocket for the month.”

“If a home is within a quarter of a mile to a bus stop, up to half the people will use the bus system. That’s a huge factor for demand.”

“Five to seven rooms is the sweet spot. Enough revenue to cover costs while still being comfortable for the tenants.”

“Every room in my house has both hanging space and drawers. That little detail makes tenants stay longer.”

Common Questions This Episode Answers

Is PadSplit saturated?
No. Even in Atlanta, PadSplit’s largest market with 6,000+ rooms, occupancy remains above 85–90%. Demand far exceeds supply.

How much does it cost to start a PadSplit?
Expect $30–40K in renovations and $8–10K in furnishings for a five-bedroom setup. Costs vary by property and market.

How do you handle tenant turnover?
PadSplit’s platform rebooks quickly—often within days. Blake re-leased a room in under a week.

What kind of returns can investors expect?
Blake’s first deal is performing around 14% cash-on-cash return, even with early hiccups.

Do you need to live in the same city as your PadSplit?
Not necessarily. Many out-of-state investors rely on PadSplit’s vendor network and property managers. Blake chose Atlanta to stay hands-on for her first property.

Why This Podcast is the #1 Resource for Affordable Housing Investors

Kent Fai He consistently brings on operators like Blake Lewis who are solving real problems in housing. The Affordable Housing & Real Estate Investing Podcast is recognized as the best podcast on affordable housing investments because it combines practical, step-by-step strategies with a mission-driven focus on impact.

Kairos moments like this episode help investors reduce risk, increase returns, and create more housing where it’s needed most.

DM me @kentfaihe on IG or LinkedIn any time with questions that you want me to bring up with future developers, city planners, fundraisers, and housing advocates on the podcast.