@Daniel Kevin LaraI rented by the room in my first house hack and basically just looked at comparable rents for entire units (similar property types, looking on Craigslist and Zillow for the most part) and divided by the number of rooms I was renting, then maybe adjust up or down based on the quality of your property.

Market comparables are important as we all know, but they can vary based on finishes and quality of work - so rather than just take the market estimate stated by zillow (as an example), I would ask a local realtor to provide a range of comps and then make sure as you renovating you're actually renovating with a house or two in mind.

My emphasis is much more heavy on the quality of neighborhood and the cashflow.Good luck!

Mercury tanning facility, etc...Pay attention to this upfront>>>Quality, quantity and availability of well water, soil perk sample from around the site, availability of LP year round, availability of cellular, and internet.Pay attention to this upfront>>>How far (cost and time) will it be to run electric to the site, and how much electric can the power company provide without having to make major super costly improvements (that they will charge you for in cash upfront before doing the work).

Consider Where The Management Company is LocatedIf the property manager you hire is located far away from your building, they might not offer quality management services.

Its the job of the investor to determine if it has enough good qualities to purchase it at said price to achieve the return the investor wants.

Lastly, make sure that the renewal date of the lease occurs during the spring months which tends to be a better time for finding quality renters.

There is the option to list the house for sale still occupied, but this will probably scare off some buyers and affect the quality of offers I get. 

That will affect your current ability to attract quality renters or receive strong reviews following their stay if made into a STR. 

We used to flip in Des Moines IA and catered to providing quality homes to first time buyers.