Let me be completely blunt.
A property that you plan to rent "because it's rent will cover PITI" is a property YOU PLAN TO LOSE MONEY ON.
That's right. LOSE MONEY.
Properties have all kinds of expenses that are not included in PITI. You have to account for vacancy costs, repair costs, property management costs, advertising costs, legal and tax accounting costs, and, God forbid, HOA costs. Oh, wait, you said "townhome". So be sure to add in blood-sucking HOA costs and special assessments at inconvenient times.
As far as repair costs, if a water heater lasts for 10 years, then 1/10 of it is broken every year - unless it breaks early, in which case it costs more. Every other item on, in or under that townhome is breaking a little bit each and every day - unless it breaks a lot today...
And nowhere in that have we discussed profit yet.
Do not buy a property to live in and hope to make money on it as a rental later.
Buy a property that WILL make money when you rent it and just happen to live in it for a few years first.
When it comes to real estate investments, you are choosing to make or lose money the day you buy it.