Howdy,I'm looking to try house hacking in Austin, thinking it'd be best to get a 400kish 4 bed 2+ bath in a SFH with a FHA (3.5% down) and was wondering what are the going rates for renting a room in Austin and any tips or tricks that help with the process and if it gets a lot harder after moving out of the house (plan on living 2-3 years in it ideally).

People simply won't easily buy a house with previous hystory of crumbling foundation even if it is fixed... or "claimed" to be fixed.The 70% rule also doesn't account for the projected time it takes to flip a house.And no... your predetermined "holding cost" incorporated in your 70% rule is not it.The 70% rule is a death trap and is a sure way to derail your business.Also, if we are both interested in the same property, and you give a 70% offer, you will ALWAYS be beat by me that will ACTUALLY give the highest possible offer I can make. 70% rule focuses on being "safe" and will have the effect of not getting many deals.The right method focuses on property determined risk analysis to leverage "being safe" with the amount of allowable profit (for that safety margin). 

For instance, would you rather to have two units each 1 bed and 1 bath, or one unit with 2 bed and 2 bath?

(See the recent death of the "1% Rule" as proof.)

If you want bigger profits, maximize the number of beds in your STR.

The townhouse is 3 bed 3 bath, there's a community pool and playground. 

My criteria: - 5+ bed, 2.5+ bath- C+ neighborhood- Decent amount of young people (I'm in my mid 20's)Anything else I should consider?

Bonus question: Is anyone familiar with the Fair Haven Heights area and have an idea of what rent would be around there on a 2 bed unit?

The 2nd and 3rd level bump outs would be two separate 1 bed/1 bath units.

Fee you to death, then pull out at closing.