Needs a new roof and 3 windows need to be redone.

There also is a 4th room that does not contain an egress window.

Pros: Quiet area/side street.It has a window unit, so hvac would never be a foreseeable cost.Cons: House is run-down, but my husband is a handy man and can fix anything for relatively cheap.

Do you plan to do renovations in the 2 month windows you have for paid vacancy?

SOME will go through the house with a sledge hammer--cut all wiring, pour cement down the toilet and sink, break all walls, doors, windows and appliances to show their displeasure with the mean, heartless bank that is stealing their home away from them, just because they missed 6 to 12 months of payments. 

The exterior has been completed with new windows, doors, siding, trim, roof etc, but the interior needs walls framed, electrical/plumbing/hvac, insulation and finish work completed.

Remove the kitchen, tear out the floors and replace them with...nothing, break a few windows,.etc......or, move it to a different neighborhood.I have a question for you. 

The TAR lease is dangerous in the extreme to any landlord who relies on the strict terms it contains.In Texas, if the AC goes out in summer, you better get your butt over to the house with a window unit or portable. 

If your window on this contingency has passed and you / your agent did not request more time,  seller can refuse an inspection.

Personally I would rent it as a 2 bedroom as long as it meets city requirements ie; window large enough for egress, a closet, a door, and minimum electrical outlets.