Realistically I’m thinking $150k+.I considered renting our home out but our mortgage is almost $1600 and I don’t think we’d be able to rent it out for more than $1700.The home is foundationally sound and just needs cosmetic repairs.

Based on an inspection report on one of the deals I worked on last year, I was able to negotiate over $15k of credits and repairs for a $200k house using a $400 inspection report for one of my clients.

The current owner bought it for $30K and I know they had to clean up a lot of title work and started doing repairs. 

Additionally house tenants bring more of their own appliance, like refrigerator, washer and dryer; which means tenants are responsible for repair and replacement of their own appliances. 

., mortgage interest, taxes, repairs, depreciation) on Schedule E starting when the property is placed in service.

It's a good practice to overestimate costs and underestimate after-repair values (ARV) to keep your expectations realistic.

Remember, in this model, you are planning on holding on to these properties as rentals so pay now in quality, or pay later in headaches and repair costs.

Delays, unforeseen repairs, and underestimating budget up front are all much more dangerous occurrences once a gap lender is involved. 

I personally would sell the house - it's negatively cash flowing ~100/month, if you were to add in repairs/maintenance, CapEx, vacancy, rising insurance/property tax costs I would think you're actually losing more than you estimate (luckily it's new so you are on the very low end of that right now).

Also, prioritize repairs over aesthetics if anything structural or foundational needs attention.