I think your best bet is to bring a contractor with to estimate repairs. 

BP is absolutely great and best for networking...but your best bet is ACTION.

So I would hold on to the house if I am betting on appreciation, but I would sell it, do a 1031 exchange and buy a rental in the Midwest or South where the monthly rental income to sales price ratio is at least 1% and closer to 2% is you are looking for cash flow.I am thinking of putting together an REI group in the Antelope Valley that meets every one to two weeks to discuss REI opportunities in the AV, as well as investing out of state. 

It works a lot like the web page called Google.

Your best bet is to talk to an eviction attorney in the city the property is in.

Without seeing the full and complete lease agreement, I'd bet you are prohibited by the property owner from subletting and you'd have to gain approval of the owner to add new tenants as, outlined in the lease. 

I know I'm personally always willing to share that kind of info and help people looking into that space, so I bet there are plenty of other people that are as well.

I bet you could get it for 70-80, but I assumed 100 as worst caseBishop Buswell, who built it, was a really cool guy, I knew him, he was a real staple of the Catholic Church.  

Even with all this, I bet this education and experience will be well worth it for you, Candace. 

Your idea may help a little but insulation is probably the best bet whether batt or blown in, anyway best of luck!