Unless you have prior real estate training of some kind, determining the arv, FMV and repair cost will be challenging.

Not to the extent of uploading photos and explaining repairs (that's pretty cool) but running comps, estimating ARV, reasonable rehab budget, profitability, etc.  

Hold, repair and fix up as you go along for the journey and your larger returns will be made when you refi or sell.

If you are all in $200k into a property  and it is worth $350,000 after repairs, then you should be able to receive all of your initial cost on a refinance using the new appraised value. 

. - White goods are usually a tenant's responsibility- Most repairs are a tenant's responsibility with major structural issues being the owner's responsibility.

The $5K rehab is mainly for cosmetic updates—paint, minor repairs, and cleanup—since the structure and major systems are in good shape.

There is an offer to buy but if I include everything I've spent over the years, mortgage P&I, taxes, insurance, HOA, and recent repairs, I will just break even.

We also had to do some substantial repairs on the sewer line.

That is before taxes, insurance, property management, repairs/maintenance, etc. 

FHA loans are really only best in lower credit and lower down payment situation. if you have the ability to do 5-10% I would do it. if you don't need money for repairs , you could do on the higher end 10%+ but if you do need money for repairs 5% could be good. some lenders will do recasts on loans and you cannot do recasts with FHA.