From what we are seeing a 60 to 70k 3 bed probably needs work or might be in a less desirable location. 3 to 4  years ago that price point was easy to find but current prices ( after repair) would exceed that amount.

My brother lives in this subdivision and rents a 2 bed 1 bath for $500 and I have a home on the same street, larger, that I rent for $780 so I know what the rents are.

I had a property (bed and breakfast) that we knew had 1 ghost and we just couldn’t sell it.

His has has 2 bed, 1.5 bath but has an unfinished basement which I’ll be adding 1 more room and 1 more bath.

For a 3 bed/1bath home you can easily get $1,300/mo here in Detroit.

Should I put 2 beds or just one ? 

In Florida, short-term rentals (under 6 months) are subject to a 6% state sales tax and a 6% Pinellas County Tourist Development Tax (also known as the "bed tax").

I've agreed not to pay him back for 5 years.I also own a few bed and breakfasts and million dollar STRs.

Couple of duplex 6 bed 4 bath, built in 04 and 06 sold for 160K.

For me when I'm estimating rental income I start by looking at the area for active listings <40 days old with similar characteristics to the home you're looking at purchasing (trying to find same bed/bath count, and same amenities like in CO homes with a fenced yard do very well because everyone has a dog).