Mmm Ive had similar thoughts for some time.
I own & live in an unrenovated house in Richmond (Melb) and plan to spruce it up and rent out.
It has a big block with dual street frontages and an existing shed at the rear (with space to build another 2 beside).

Should be able to get around $300 wk for the house BUT for a small outlay for an additional 2 x sheds, the 3 x sheds in total rented out seperately for say storage may add another $150/wk
I realise fireproof walls etc will be needed, but this can be done with special plaster nowdays.

The advantage I see in this is many people in the inner city have no where to store their weekend car, hobby items etc and dont want to travel 20km to an industrial estate

Your thoughts on this welcome…

Anyone else out there doing this within 5km of CBD?