The markets offer low to medium gross yields that max out around 7% if you buy in todays market.

High rates are here for at least the medium-term (1-2 years), so deals will have to pencil in this current environment.You may also want to consider hard money for your lending, as they can often fund your construction with far fewer restrictions than a HomeStyle loan.

Brand new to real estate investing - I currently have 1 3/2 ranch in good market  (Greensboro/WS/ Highpoint) used for furnished medium term rentals. 

Ask your contractor to walk the property with you if they're available during the showing, or at least send them the photos and information that you received from the wholesaler to get their opinion.In Pittsburgh a light or cosmetic renovation is about $20k, medium is $50k, and a full gut is $100k.

With that being said, if you have a rehab loan but never take a draw, it could be a way to get a happy medium.

You might want to ask these questions in the General Landlording https://www.biggerpockets.com/forums/52 or the Medium Term Rental forum, https://www.biggerpockets.com/forums/925 which is what you're doing if they are furnished rooms. 

You doing short, medium or long-term rentals there? 

@Bud Gaffney  short for Medium term rental,  or mid-term rental. 

On the other hand, there have been many STRs which switched to medium term housing families who were displaced after losing their homes in the storm.

I recommend keeping your eyes open for medium multifamily properties.