If you have a 4 Bedroom, chances are, the renters would have children, and a yard would be more interesting then if you were to rent a 1 Bedroom to an individual.

I have gone through the section 8 office for rent increases, never the tenant.If section 8 is paying most or all of the rent which is the case with my rentals, then a $100 monthly increase is not going to affect the tenant much or at all.Just make sure the new rent amount is what is allowed for your area and the number of bedrooms you have.

You can get a 4 bedroom house with property taxes of 5,000ish.

New Tile in Bedrooms.

My first instinct would be that unless you are offering some really high-end finishes and a roof deck or including utilities in that number, $600-650/bedroom in Olde Kensington is too high an estimate.

A review of permits would be unusual, unless the inspector found an obvious problem, like 4 bedrooms and two baths in a home that county records show to be a 2/1....

I got a lot of work ahead of me since in order to figure out ARV I also have to figure out market rents (this property ranges from 3 bedroom unit to a studio. 

Even if maxing out impact fees say 10k-15k for a 3 bedroom 1200 sq feet unit, the difference in rent would be make up the difference in a year max. 

If you have a 5 bedroom house even in a $500k house I do not think it is even conceivable that you would rent all the rooms - I'd only bank on one or two roommates - and since Wichita is what I'd call a little big town - most people aren't going to want to live with someone they really don't know.I think you're most realistic situation is buy a very nice duplex (there are a few from time to time that are high end) that will come for sale - live in one half and rent out the other where they should make  a vast majority of your mortgage payment and live for nearly free.Secondly - buy an affordable house (if your intent is to move in a short time span so below $250k or so) and then only bank on having one or two roommates and only charging them $750 or less depending on how nice the place is - unless you have a large base of friends that are willing to live with you.Just my .02 -- and best of luck!!!   

I like to stay local and self manage, so all my properties are within 20 minutes drive from my house, most are actually within walking distance. 3-4 bedrooms seem to be more in demand than 1-2 bedrooms.