High risk, but potential for a more lucrative investment.I've reached out to a couple airbnb hosts in the area to see what they are averaging for monthly income on similar units (1950's build and updated interiors), and the range is $2,000-$2,600.

I would look at similar properties in your market at the price range you're targeting.

We also want to make sure the jobs aren't too heavily weighted to one industry, so we look at the economic diversity as well. 

Talk with an insurance agent beforehand and give them an idea of what you are looking for (price range, style, age, etc) and they should be able to give you a bit of a range (~$50-75/mo) although the final expense will be dependent on what you buy.3) For sure make sure you stock a bit aside for any maintenance issues that come up (water heater, plumbing issue, etc).

If you toss the extremes out, you are left with something in the range of $3,000 - $6,000, depending on what, where, how, and why. 

Given the price of this asset, I'd assume you'll be in the 8-10% range.

Need to little breather to refi them out.What budget range were you looking at?

As long as the total cost keeps me in range to still successfully house hack

I believe I paid a slight premium for townhouse as I saw prices in rice military/cottage grove go as low as ~$145/sq ft where I paid in the mid 160s range.

The biggest piece that blew me away was that they will supplement your rent if for some reason it comes in below the rent range they provide you with for as long as you hold the property.