Like everyone else said, it depends, but for me my first house was a live in flip SFH, which was great. 3 bedrooms 2 bathrooms are right where you want to be.

If the prospective tenant has a good track record for doing this Airbnb thing you speak of, go forth with this venture.If he has no experience, it is a trainwreck waiting to happen, and I have 23 STRs in this town.  82 beds, 37 bathrooms. 

All of the bedrooms have plush carpeting for more comfort and the bathroom has been meticulously designed to enhance every square inch of space.

Hey, I have a done deal on a 4 bedroom, 1 bathroom house in a prime location in the Fishtown neighborhood of Philadelphia.

Needs a new kitchen, two new bathrooms, flooring, some drywall replacement, window a/c units (possibly central air), etc.I'm looking to have this completed within a 2-3 week period once the work is commenced and would be available to meet onsite this coming weekend for estimating purposes.

@David Robertson I estimated $15k per bathroom, $30-40k for kitchen, $5k for roof, and the rest for misc like siding, drywall, paint, garage, etc.

I try to use nothing except solid hardwood floors in my rentals (except for the tile in the bathrooms). 

I'm making a shift from remodeling contractor specializing in kitchens and bathrooms to home renovations.

Demo scope is ceramic floors throughout, kitchen cabinets, full bathrooms, etc.

And I can rent it out quickly.Or to future proof, I can cough up the money to convert the living into master bed, add a bathroom since it next to kitchen plumbing (maybe?).