This will help you determine what you might be looking at in cost.  

@Daniela R.Regardless of what your plans are for the home, you should consider the value of the home in as is condition and the “arv” once you do the laundry list of items you mentioned.If arv is more than purchase price + repairs, it’s not a big deal however is arv is less than purchase price + repairs, you would be upside down.If that is the case, your agent will be able to help you determine what homes sold for in like condition as well as better condition to help you determine how much the price needs to come down in order for you to make it worth your while.You mentioned you would save 30 mins in commute time if you lived here.

Tenant will pay a non-refundable deposit of $300 (or what ever you determine) on the day of lease signing.

Meeting other investors will greatly help you determine what strategy you are interested in pursuing.

@Matthew HorstmyerTo determine your eligibility, you need to call the lender you plan to work with.

The company has determined that they will not be able to reverse the wire (which was unlikely in any event, anyway).  

This will be determined by normal market supply and demand - and researched through property managers, or various online tools that all seek to understand comparable units for rent in any given neighborhood.3 - there is no "right" way to calculate return on investment (roi) - it varies with the property type and your investing goals.

I am a mental health therapist in private practice.  

When determining if a potential house will be great for house hacking what is the criteria to look for?

4) Is the rental income considered FDAP(Fixed Determinable Annual Periodic) or ECI(Effectively Connected Income)5) Do you have to file a Federal tax return / state tax return annually?