That applies to replacement cost only and only if more $ is needed to restore the home to a pre-loss condition than what is available under coverage A.

It's a range and depends on the property type, location, end condition and rental strategy. 

Due to the market conditions I wanted to have a good amount of equity in the building so I only refi'd 50% of the purchase.

I would say the condition and age of the property would have a lot of sway in your decision for whether or not it's worth it.

I'm currently corresponding with my property manager to gather information of the condition of the property as well as discuss our next course of action. 

Yup, property condition, vintage, neighborhood, tenant base, property management are all very important considerations. 

My condition was that they rent the house for 1% of the costs and sign a 3 year lease.

I can't speak for the city itself / near the university, but up in areas like Liverpool properties are getting multiple bids regardless of the condition.

Many judges would feel you got paid even if no cash was sent to you.I could see this potentially working on a higher-end property that it in excellent condition with a Grade A tenant.  

She did move in two cats during her tenancy (with my permission after the fact), and the house was left in fairly good condition when she moved out:Most holes were patched (though some in the basement were missed).It was moderately clean but needed extra cleaning due to cat hair in the carpets.Minor issues included:A missing doorbell.Missing shower hardware.One of the window blinds needed replacement.A truck bed full of items left in the shed that I had to haul away.Since I was in a pinch between Christmas and New Year’s, I hired professional cleaners for a quick turnaround.