As Vince said it is a quick guideline and won't work in most places with current interest rates and house prices. 

I am looking forward to buy  my first  condo or a town house in fort Myers/ Bonita spring area and would like to rent it out when I am not in the states.

The system is what's really broken:1) S8 should have a time limit - get free housing to get your life in order and move on.2) S8 should have strong requirements for taking care of the home taxpayers are paying the rent for. --- We haven't seen a S8 inspection report in over a decade that required a tenant to fix damages they obviously caused.

Place these footings strategically after you have jacked the house up to proper level.

You can house hack the other rooms.

LTR and MID term are hot now as well, we have more people that want houses than houses to rent to them.  

We are buying two houses right next to each other.

Nd what housing is currently attracting the highest CoC and total returns potential - studio - 1bd, 2 - 4bd, or 5+bd?  

Quote from @Khon Kounbandith: The house was in good condition. 

Are there any house at that price point that would rent for $1200-1500/ month with 20k worth of updating?"