Inherited light rehab house for first family rental property?
Good afternoon BiggerPockets fam,
My family and i inherited my grandmothers 1942 house in "downtown" Rose Hill, NC. i say that in quotation marks because there is hardly a downtown. Rose Hill is an old tobacco town that mainly does agriculture and hog farming now. Despite being so old the house itself is in great condition as my grandmother took pride in everything she did. we just did some CapEx on the house (vapor barrier and roof work). need new flooring, bathrooms and kitchen remodel, paint and landscaping at the minimum. We also own a mechanic shop that is next (touching) the house and we have rented it to the same mechanic for 20+ years. he has watched over the property when my grandmother was getting old, and now watches the vacant lot (he has asked to rent it before but no one wants to property manage it but me).
So, current tax assessment on the house is $70,000. Now the current question is what to do with this place. My dad wants to get rid of the "headache", my uncle wants to die with the house even tho he goes there 3 times a year, and my mom is partial to what i have been suggesting after research and being on bigger pockets.
We can take a heloc out on the house and renovate it to either rent or sell. then do a cash out refi to pay off the heloc. the comps in the area (very few) dont sell for more than 120000 if that. My mom also told me that more people are renting in the area than are buying. i think after we renovate it we could charge 900-1100 in rent. We could also sell the house and reinvest in other properties that are closer to the family but no one has any experience with real estate or property management but my little knowledge from these podcasts and living in the area for most our lives.
so my question for the bigger pockets members is, what would you do? Also or more context, i am 23 year old full time student in my senior year, so time is spread thin already and the rest of the family is full time so managing a renovation from 3 hours away will be tough i presume.
thanks for the input everyone and have a great week!