That chuck of change could go a long way towards renovations like a small bathroom remodel, interior painting, or new flooring, etc. if you choose to sell at a higher list price. 

Purchase price: $212,000 Cash invested: $46,000 Sale price: $325,000 Found a great 2013 SFR in an A class suburb that was mostly interior cosmetic.....IE smelled like cat urine or smells like money!!

@Jagan ReddyI'm not a CPA or a cost segregation specialist, but I do know that if you are not designated as a  real estate professional, then you can only offset passive income by your passive losses.Qualifying as a real estate professional is more challenging than most people want you to think.

And since you are out of state you will need to be open to suggestion on design, size, etc.

Please note the information provided below is a layman's definition designed to provide a basic understanding for the general audience.

Yes, the Poconos area is saturated but I still believe if you buy the right property in the right spot and you invest in design and amenities, you will do very well.

@Dylan S. seek advise of a CPA, but form an LLC and get a S-corp designation. 

BiggerPockets is full of resources designed to help you along your journey, whether you are just getting started or a seasoned investor.

My husband and brother both have extensive backgrounds in construction, while I have experience in design, so I am very confident that with the updates we would make, the house could be worth over $900k.

Design/pre-plan as much as possible.