So, you go over budget FAST.So, your Scope of Work (SOW) MUST be very specific as Mr Perez learned when contractor didn't put in new outlets.To "perfect" your SOW, suggest you walk the property with 3 contractors and ask them what needs to be done.

While time consuming, I did learn a lot and was within $2,000 of my initial budget.

It would be a tight budget but I do have money set aside for repairs.

I figured this could possibly put me in a good position for a cash-out refinance when I’m ready to move on to a second property.If I stick within my budget, Philadelphia seems to offer the most housing availability, but I’m concerned about most houses available being in rougher neighborhoods.

If you have the budget for repairs if you rent it out, definitely rent it out!

I know that's vague but it's hard to be more specific on questions like this. 

I'd budget 30k. framing labor in ohio is about $7-$8 per sq ft and materials about the same.

Can anyone share a breakdown or budget for a similar project in a similar area?

It comes down to the most effective use of a marketing budget.

Well even if the rent is equal to the mortgage, you'll still be in the negative after repairs, CapEx, vacancy, etc.Why would you specifically be thinking of investing at a negative cash flow?