I have a similar setup, Rpi3 with OSMC / Kodi installed.
I turned an old 500GB laptop drive into an external HD for storage, with reuse of parts I'd say the whole thing cost me €50/€60 - for the Rpi3, Case, PSU (though most micro USB phone chargers will work so don't buy one unless you need one), Micro SDHC card, and SATA to USB cable for the hard drive (I milled out an old Gameboy and stuck it in there for a retro look)
Advantages: Cheap, no remote required (TV remote can control it through HDMI, or you can use an app), low power, handles 1080p content just fine
Disadvantages: There's currently no way (that I know of) to get Netflix working on Rpi3 hardware. Netflix has no native linux app, and the only browsers it works through are Chrome and Firefox, which are not available on Raspbian or any other Rpi distro. (I would love to be wrong about this. If its possible, somebody please educate me)