To rehab now or later...

[Jessica Sowinski]

We purchased a 16k house that needs about 70k work, and the neighborhood is on the upswing for a revival, but won't be quite there for another couple of years (so I predict).  

Regretfully, there was no real plan before purchasing it (to hold or flip) and the scope of work needed was greater than we had hoped.   I don't want to tie up too much money into it right now (I don't think) to keep us from additional investments and mainly too, the neighborhood is not quite there yet.   Is it absurd to consider holding out and leaving it empty (not quite our thing)?  Or try to sell it and break even hopefully?

And if not, do we rehab all in now, do it slowly, get it livable and rent with the intent of terminating renters later to punch up amenities?   or perhaps I'm looking at it all wrong.  Thoughts?