With your background as an electrician, contractor, and project manager, you have a unique advantage in real estate.

Leverage will be reduced from the max available, reserve requirements increased and, typically, you would be required to use a professional property manager.

Step 3- hire property manager to manage/look for rentersStep 4- look to refiance out of the hard money loan(how long after having a renter in can we refiance?)

You just need a good property manager.

@Luke Spencer I am not on the management side but I can tell you it took 2+ years to fill 300 units at one of our facilities and the other just hit 300 units in 12/13 months so it really depends on the demographics, and local housing market trend, the more people moving in and out the higher the demand for storage.I think if you're looking at a saturated market then the upfront cash to turn the warehouse into self storage is not a good idea but then again, maybe those operators are on back roads ( low visibility ) and don't push google ads well.

Are they way under market, or is it manageable for now?

I've worked in most phases of residential construction, but have not yet managed  a project this large.  

We manage several multi-family properties in FW. 

However, before you do so you should ensure that your revenue from rental income covers ALL your property expenses in the townhome, including mortgage, taxes, insurance, maintenance/repairs, vacancy, property management, etc...

,I have sold and been managing properties that are near the MIA and haven't had any complaints from residents who are living in them.