Yes, but the payments on a loan of that size are laughable. $70,000 at today's rates is $375/mo ($4,500 a year) for a 30 year. You could rent it out for a couple of years and pay off the loan free and clear.
Deleted comment
Believe me, if it was "that easy" to buy and rent a place ... everyone would be doing it. Do yourself a favor and talk to someone who owns multi-unit buildings first.
I know its not possible :)