'Traditional' rentals are in high demand in the area, but I don't know as much about short term rentals--trying to gauge whether it would be worth turning the basement into a short term rental.

Demo Total Bath and kitchen           Walls and ceilings           Windows, doors and trim         Floors where damaged         Rent dumpsters           Total labor 5580             Exterior Painting           Pressure wash house         Caulk where needed           Paint house           Total labor and estimated materials 4850           Foundation         Reinforce existing footings         Replace floor joists where needed and install new subfloors   Install new floor joists in addition to level with existing house   Total labor and estimated materials 8875           Plumbing           Replace pipes throughout       Run new pipes to accommodate new layout     Replace main water line         Total labor and materials       7500           Insulation             Install insulation in attic         Install insulation on walls       Total labor and materials 4580           Electrical           Update electrical throughout       Total labor and materials 7850           HVAC           Install a new HVAC system       Install new duct work       Total labor and materials       5890                                                                                             Interior work         Total Open up living room to dining room       Create 3 bedrooms and 3 baths         Install sheetrock on walls and ceilings       Mud, sand and prime walls and ceilings     Total labor and estimated materials     12785 Trim work           Install baseboards throughout         Install trim around windows and doors casing   Install new interior doors       Total labor and estimated materials     4850 Interior Painting Paint ceilings           Paint walls           Paint trim             Total labor and estimated materials 3580 Wood Floors Repair wood floors         Install new floors in addition       Sand and stain floors throughout     Total labor and materials       6750 Master Bath Build a concrete pam in shower         Install hardy boards on walls and floor       Install tile on floor and walls throughout       Install sink cabinets, toilet, and faucets       Install light fixtures and accessories, install glass shower door Total labor and estimated materials     7500 Guest bath         Install tub             Install hardy boards on walls and floor       Install tile on floor and walls         Install faucets, sink, and toilet         Install light fixtures and accessories     Total labor and estimated materials     5750                                                                                           Guest bath         Total Install tub             Install hardy boards on walls and floor       Install tile on floor and walls throughout       Install faucets, sink, and toilet         Install light fixtures and accessories     Total labor and estimated materials     5750 Kitchen           Install hardy boards on floor         Install tile on floor           Install cabinets           Install sink and faucet       Install door knobs         Install granite and backsplash       Total labor and estimated materials     7500 Roof Remove old shingles and repair plywood Install new shingles (25 year warranty).

Circle back to your broker and ask for referrals and see if indeed he can get someone to do it for 10k, he might feel the pressure of losing another deal with you.

This will also give you an opportunity to gauge if this particular agent is real estate investor friendly or not.

The newer valves are pressure-regulated, so if a toilet is flushed (or another shower is turned on), the pressure may drop a bit, but the temperature shouldn't change much.Maybe it's easier/cheaper to upgrade the shower valves than changing the water heater setup?

The upside to continuing to rent to this company's employees is that the company will pay rent between tenants and help us secure tenants that pass our background checks (because of their hiring requirements)   They will also help us communicate with tenants and sometimes put pressure on them for rent payments.  

I looked at listings within an hour driving distance as I wanted to be sure I know the neighbourhood and if it’s growing area (new infrastructure, immigrations, jobs, etc..)I got a really good gauge as to what opportunities are there.

Haney Mallemat the 1% and 2% rules are good high level gauges to the properties income vs cost but does not give an accurate picture.

Because if it turns out that you'd be better off SELLING it once you move (which you should be able to gauge fairly well, even now), then that's MORE reason not to pay the extra 1/4 percentage in the meantime, right?

in addition to everythin mentioned already, put pressure on your tenant. if the unit is not vacant on 9/1 his lease would roll into a month-to-month lease that he would be liable for regardless of whether or not he continues to occupy. this information may not apply to all jurisdictions though, but even if you are not sure about it your tenant may be able to put enough pressure on subletter to leave