It's Dec. 2024 and, while the house is built, septic still needs to be installed, exterior grounds, and internal trim and appliances are yet to be completed. 

But it's a 3/2 and I think I could rent it for $1000-1200, has a lot of NEW things already in it (AC/heating, kitchen cabinets, appliances, flooring) but bedrooms need to be finished remodeling. 

There are various other items that may come up such as: Proper firewall suppression, adequate entrances/exits for fire safety, stair safety, size of kitchen appliances, etc... for my specific example. 

We took a break from rentals here at the end of this year, going into next year, to redo our kitchen. 

Large basement and attic space, new roof and some of the kitchen is already torn out from the current owner. one bedroom does have a closet that will need built. plumbing seems fine, maybe a couple angle stops to change.

Kitchen and bathrooms.

I've already renovated one of the bathrooms, and I’m planning to paint the interior, update the kitchen cabinets, possibly sand the wood floors, build a fence is a corner lot and increase the rent for the room since my tenant is currently renting the entire 3-bedroom, 2-bathroom house for $800 a month.

Namely, appliances, flooring, furnishings and updates. 

They will try to run 2 kitchens and that can mean clogged drains in your wet bar kitchen.Be sure there is personal recourse when you need to sue them for $40k in repairs above the deposit.

The rental had ratty furniture, a record player prominently featured in the marketing but it had no speakers, missing basics items in the kitchen, lots of drunks in the concrete hallways that reverberated right into the bedroom at 2am, a strong odor of urine outside, and more.We have super hosts in this forum that have hundreds of 5-star reviews and are masters of the craft, but I look at their rentals and see they don't have any artwork on the walls, decor is basic, they do nothing to make the guest feel welcome, etc.