There aren't really any formulas for this, your best bet might be to look at the pictures in rental comps other than that I would estimate the difference to be about $100 in rent for every $1000 of rental value if everything in a non-updated unit is clean, usable and looks reasonably nice.

If you get a conventional loan for a Non Owner Occupied (NOO) property, then you wouldn't need to live in it at all.

I could point out the differences in fair housing laws between house hacking and non OO renting.

I had identified a few properties on the list of interest with a non-redemption strategy in hopes to initiate foreclosure after the 2 year redemption period, here in New Jersey, thereby acquiring a property or two with future plans to fix and hold or flip, etc. 

My big worry is in cold climates, extreme cold in the house and long delay in repair could cause pipes to burst costing even more money.So service contracts for heating works for me, particularly if it's through my oil company.

Install non-rated aluminum framed windows with either tempered or laminated glass and cover them with permanent hurricane shutters.

The thing is that an FHA loan is for non-investment purposes.

Some local banks offer "non-conforming" loans or "portfolio" loans.

I know this is a common question, I've searched BP/google/etc, listened to podcasts, webinars for the past 10 months and see the pro's/con's for either way but wanted to get advice based on my particular situation. 

What items in particular are giving you the most trouble and wearing out?