The question is, if you make some decent repairs to it, can you increase rents?  

@Wyatt Johnson I highly suggest disclosing that information regardless of what disclosure laws of Montana are, the headache of the potential lawsuit is not worth it.

A very small amount of equity in a personal home (I bought it at the beginning of the year), two cars (maybe worth $12k), a small E-Trade account....My credit score is 670.

The idea of getting $160,000 for a house 5 years from now that is worth $250,000 doesn't seem very appealing.

This significantly increases the premiums and I'm not sure its worth it.

This will tell you how much the land is worth based on value of home sales after taking into account the build costs, soft costs, development impact fees, etc. 

So are those two houses worth the same for a buyer?

If the initial funds are real concern, it might be worth considering structuring the distributions in such a way that he or she recuperates the initial investment first.

The practice in running analysis through the calculators itself is worth the upgrade.I live in North Jersey, but grew up in Brooklyn, NY. 

Once you understand a 1031 tax deferred exchange system - you'll be in a position to make and save thousands of dollars in taxes and be able to grow your real estate portfolio to an unimaginable net worth!