Spend a day trying to find a bedroom to rent for yourself and that should help you price it competitively. 

You will need to spend that $400 or resources like Propstream, a dialer, CRM. 

Worse that can happen is that I spend a few weeks and walk away empty handed.

Or even if you want to sell and get top dollar, new kitchens and baths will be required.Second way: you outline what your spend is each year: immediate, year 1, year 2, year 3, etc.  

Full disclosure on this answer, I work for a direct mail company.Pricewise, your best per-household cost is going to be through Valassis, Mspark, or Mailbox Merchant.

Why spend extra money on a townhouse if you don't intend on selling. 

I'll definitely make sure to be extra conservative, because I won't have a lot of room for error, given my current financial situation (not a lot of money to spend on contractors if needed).

If you don't have an agent, spend a few bucks if you wish and contact a real estate attorney.

@Dana Carr I don't think that spending much money on this will add to value of the property or increase rents.

They give tourists an alternative option to boring hotels, while spending money at restaurants and other area attractions.