The price paid for boats, equipment, goodwill and the business real estate, plus committed working capital, counts. A personal residence, funds held back in reserve and consular fees do not. Substantiality is judged proportionally against the total cost of the enterprise.
Count what the business needs, not what the family spends
The E-2 investment is the total of funds placed at risk in the enterprise. For the outfitter that includes the purchase price allocated to boats, motors, trailers, tackle, the rental cabins used by guests, goodwill and any leasehold improvements, together with working capital actually deposited in the business account for insurance, licences and pre-season payroll. If the purchase also includes a house the family will live in, allocate that portion separately; it is not part of the enterprise.
Money kept in a Canadian account against future needs is not committed. The consular visa application fee is a cost of the process, not part of the investment; check the State Department's current fee page rather than an old figure. Substantiality has no fixed minimum: the officer compares the amount invested with the cost of purchasing or establishing this kind of business.
Buying an operating outfitter outright, with clear documentation, usually presents that comparison well.