Try looking into zillow/Redfin and see what your potential rents you can get near the neighborhood by filtering the bedrooms/bathrooms of the intentional property that you are planning to buy.

@Kitty Walker- As an investor, I've refinanced multiple Padsplits and co-living properties (where we go direct to tenant without Padsplit), and I generally agree with your last statement, with some caveats:- if the renovation is done well, the appraiser may not even say anything that would indicate it is an "abnormal" SFR (has happened multiple times with me)-the investor may be wise not to make the house crazy- just leave a nice open living room, put double doors on the dining room so it can function as a bedroom now but be easy to convert later, etc.  

I own one house there and I personally don't really love the area to go on vacation but a nice 3 bedroom house on the lake can do over 100k without it being exceptional and those properties are still available for under 600k.

With my 2 bed I get a fair amount of advanced bookings but nothing like the 5 bedroom. 

For instance, we now charge $2800 for a 2 Bedroom Apt that used to be $1k in 1998.

Its a centennial house Back Unit is smaller with Bedrooms up stairs, the living room walls are wooden with open kitchen!

Bedrooms and shared/fun amenities are much bigger drivers. 

As far as occupancy, HUD has a Keating memo on reasonable space, our local apt association suggested for some guidance on how many could reasonably fit in a space (not just looking at bedrooms).  

Below is a general description of the properties they are willing and able to rent:Type: Single-familyConfiguration: 3+ bedrooms, 2+ baths, 2+ car garages, 1,100 to 2,500 SF, one or two stories, lot size 3,000 SF to 7,000 SF.Rent range: $1,900/Mo to $2,400/MoLocation: See the map below for the general areasToday, these properties cost between $350,000 and $475,000.

You can buy a single family home, live in it for a year, then rent it out afterwards, and that would effectively be an investment property after you moved out, but you also got the more beneficial terms of it being a primary residence loan.You could buy a single family home and rent out bedrooms while you are living there, and that would effectively be an investment property, but again, you have the more beneficial terms of a primary residence loan.I wouldn't get caught up so much on if a property you buy is an investment immediately so much as I would focus on what your goals are and how each purchase would be step towards your goals, whether that is house hacking or just buying investment properties you don't live in.