Well, it has the rest but everything has to go, including structural, so there are demo & structural engineer costs to consider.The sale comps for houses in the area are around $250,000.  

However, delaying the sale for at least 2 years isn't really going to cut it, because the option gives them the right to force a sale for any period during the duration of the option. 

I have always regarded it as a high risk value play due to issues with access to the rest of the city as well as less than stellar demographic.

Unless we run over on rehab should be getting all cash back out on refinance (no seasoning period required).I expect to rent it at $1050 sometime in March.  

It has been our personal residence since day 1, for the entire two year period.

Your sale will have costs, commissions and very likely tax on 50% of the profit unless you do a 1031 and wait for the 2 year period.

Period!

Rest of house is good, but could use new windows. 

Brandon has told you much of the rest.

The rest is just ethics which no LLC operating agreement can replace.