And how much would you have to spend in order to get market rents?  

Start by analyzing cash flow and market demand for each property to decide which one to rent out.

that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

I'm currently in a rent to own house we are moving out of and will be renovating and renting.

And the laws and regulations here are very different, not very strict like the states.Prices are high and rents are low over here.

Tenant just moved in and is asking to delay rent payment until next month, looking for the 10 day move out form

With that said, I've done some research on the market and found the following information helpful in my considerations for Phoenix that you might find helpful as well:  Demand for both buying and renting property remains high due to the city's strong economy and growing population. 

I agree that some of these smaller towns have great buys and strong rents. 

DSCR loans are based off of down payment, credit score and either actual or market rents so it helps to supercharge an investor's real estate goals and net worth.

You mentioned gross rents of $3400 per month and Principle/Interest/Tax/Insurance of $2500 per month.