Ahh of course, it is just python and it is returning a list and I am using the whole list, hence the [''] syntax.
So I have changed this:
IP: {{ salt['network.ip_addrs']('eth0') }}
to:
IP: {{ salt['network.ip_addrs']('eth0')[0] }}
And rerun my little test file:
localhost:
----------
State: - file
Name: /root/test
Function: managed
Result: True
Comment: File /root/test updated
Changes: diff: ---
+++
@@ -1,1 +1,1 @@
-This is the IP ['10.150.0.100']
+This is the IP: 10.150.0.100
Thanks to putting me on the right track Valentin