One last thing, when you stated $30k for the repairs did you have BID's from contracts and you rounded up.

If it goes to auction most likely all cash so round up your piggy bank.

Hi I'm new to Real Estate investments, I have a Raw land property in Round Rock Texas that will sell 15 March and I'll have a nice cash out, after paying closing cost.

I own some property here and it performs year round.

Since you have a mortgage of $1500 then you lose round $600 per month. 

Usually you can find installers for about $2 per foot for labor(in LA), but, be careful they usually gouge for the quarter round at some ridiculous amount per linear foot, be sure to negotiate that part down, or if you have a brad nailer and miter saw, install the quarter round yourself, or just negotiate with them to about $2-2.50 per square foot for everything including the baseboard.

Definitely, first rounds on me!

Even though I live nearby to the Poconos, I prefer investing in the Southern US (way higher year-round occupancy rates & way more money to be made).

The first quote came back at $680/year, but I'd have to add an umbrella policy onto that which should be roughly $120/year for a round $800/year estimate.

I'm biased toward buy and hold so thats what I tend to recommend,    but given the age of the home,  hopefully its systems are in good shape so you could do some low cost cosmetic upgrades now, operate it as a rental for a few years and let the area appreciate,   then do another round of upgrades more focused on resale value, then sell it.