Since you have had no vacancy for 10 years the cost is negligible to renovate.Based on the size of your unit and the upgrades you listed warranting $875 in rent I would target pushing your rent to the top of the market. 

Focus on marketing (laundry list on how to do this) to motivated sellers (laundry list of people that you can target).

There are many ways to generate leads, one of my favorites is targeting a specific area i do this buy targeting specific zip codes.

A 401K on the other hand just seems like so much information is missing, it feels like shooting a gun at a target in a dark room. 

If I had a 1200 square foot unit, I could multiply the $1.52 * 1200 to get $1824 per month target rent.

This is general advise, not targeted to anyone who answered.But Account Closed  do you have the licensing to go out on your own as an electrician in the meantime? 

I'm also checking the recent land sales on Zillow to get a feel for the market in these areas and targeting counties that sit in the 5k-50k range.I started pursuing land investing (and REI as a whole) less than 72 hours ago so I cannot over-emphasize my ineptitude. 

Chris,First: CongratulationsNow;1) There are a few ways to look at this... but in the end, you want to put a minimum amount in to get you your rental target, not more.

Chris,First: CongratulationsNow;1) There are a few ways to look at this... but in the end, you want to put a minimum amount in to get you your rental target, not more.

So, with a $1500 total marketing budget, I would target either a niche list (inheritance, probate) or non owner occupied with equity list.