It's what you paid, minus the value of the land, plus what you spent on long term repairs (roof, furnace, etc.

I feel as-is, I can get around $120k after cleanup and some minor repairs.

Especially, after the storms and the loss of the projected income and they have no way to repair or replace everything that was lost.  

The property manager should be involved before you buy any property to give input on due diligence, how to increase income and reduce expenses, and to make repairs or improvements to maximize occupancy.Excellent property management is critical to your success before, during, and when planning to sell or refinance.To your success!

I know that's not a huge cash flow, and any repairs could make me break even.

In this manual (which I assume could be modified to provide to tenants) I include all the financing information (which you would not include for tenants) bank accounts, mortgage accounts, payment information, and mortgage payoff), a list of the contractors, what each contractor does, a list of upcoming planned or necessary repairs, and a copy of all leases associated with the property.

I would add to this account every month, allowing me to pull from it whenever there was a large repair or capex event. 

., repairs, management, communication with the seller).Exit strategies in case things don’t go as planned.When you do find the right partner make sure to create a joint venture agreement that outlines all of this clearly.

I'm a travel nurse that bought a cash property in 2022, spent most of '23 doing Reno and repairs.

I stack cashflow for capex and repairs because I have a decent W2 job that I live off of.