That is a very questionable decision.An alternative might be to look into building a SFH with a separately metered two bedroom in law suite over the garage.

@William MurdenIf there is a broker involved they might have looked at the supply index but I've rarely seen brokers do that and even then I'd do my own due diligence on it.I recommend picking up a copy of the Self Storage Almanac from Mini Storage Messenger.https://www.ministoragemessenger.com/product/2018-self-storage-almanac/As far as doing your own research on the supply index, @Mark Byrge is correct.

View report*This link comes directly from our calculators, based on information input by the member who posted.Is it worth putting in an egress window in the basement of this property and building a bedroom to make this a 3 BR house?

So if you are buying to hold and rent from somebody that was claiming house as a residence there is a good chance the taxes will double for you the following year. 

In three to 5 years you guys can renew your vows with the money you have earned now you can spend double that much on a service and probably even have a nice honeymoon somewhere for a few weeks, maybe a month depending on where you want to go.

Being in a college town, I need 2 baths for a 3 bedroom.

I have three college guys living in one of my 3-bedroom condos. 

What do you charge if I double close?

Home is 4 bedroom ranch style built in the late 60’s and most comps are in the 500 to 530k range.

 @Carlina BurfordThere's no need for transactional funding in our state because nobody here does double closings (due to the excise/transfer taxes); the wholesalers just assign the contract.Also, there's never a need to pay for a POF letter like @Dustin Frank mentioned... they're pretty easy to come by.