Rehabbing a damaged property

[Nimit A.]

Hi all, I have a property in Atlanta that was successfully rented out to the same tenant for a couple of years with no major red flags -- good credit score and stable job. Unfortunately, last year the tenant failed to pay rent for a while which led to an eviction and the property was found to be significantly damaged -- water damage, fixtures damaged, etc.. Insurance is covering some of the damage but definitely not most of it. 

I haven't had a great experience with my property management company and they've quoted ~$60k to bring the property back to rental condition. I think this is steep given the list of damages so I was wondering what might be the best strategy here or if anyone has any advice?

I can see 3 different scenarios:

1. Sell the property but will probably sell for much less than market price + rehab cost 

2. Pay the $60k to rehab with existing property manager

3. Partner with another property manager in the area that can rehab the property for cheaper and I can pay them some amount extra

Thanks in advance.

[Nathan Gesner]

Your current PM allowed the damage to happen. This tenant rented "for a couple of years" and caused $60,000 in damages? Your PM apparently doesn't do inspections, which demonstrates incompetence. I wouldn't trust them with renovations.