What's the ARV and how much are you getting (or will get) in rent?

If it is, why can't you buy similar properties that you are renting with the money you make.If you get $200,000 annually(split proceeds with the other owner), you should be able to buy almost any type of property.

You can use airDNA for market statistics to see what the property would rent for and to to see what a comparable nearby is yielding. 

This means that every year, your IRR (Internal Rate of Return) will increase.4) In an appreciation heavy market like San Diego, the IRR is going to be the best way to calculate your earnings as cash flow is fairly low relative to initial costs (down-payment, closing costs, carry costs while placing tenants)5) To calculate your IRR, you want to use this formula: (Appreciation + loan pay down +/- Net rents)/ down- payment.you can include the Closing Costs, and carry costs, but I usually do not.

If you are renting then it can be semantics; a lot of older homes had no closets at all, only free standing wardrobes.

How many bedrooms does it have and what do you think it'll rent for?

I have a townhouse in Tampa that I'm looking to move out of to rent.

And IMHO, the prices are dropping big time (on avg. 10K/month...houses that were above 300K a year ago are not selling at 250K now) and the available rentals saturation is worse than I seen during summer season (with rents dropping from 1$-1.08/sqft to 0.8$/sqft and very little contacts and applications...just go in Zillow and look how many rentals are on the market now in Kyle, New Braunfels or Converse). 

I am using rent-redi for this house since it comes with BP pro. 

How much work do you think we need to do to get it ready to rent?