Rural East Texas. We've been renting a small house from my MIL for 10 years and she is gifting us the property as we are moving into her larger house to assist her in her last few years (she's 89 and in poor health) and we will inherit her larger house as well. Both houses are paid for.
The small house house is a c.1987 1000sf brick, 2 BR, 1 Bath, on 1/4 acre lot in town. $89k value property tax appraisal. Decent neighborhood with newly constructed rental houses surrounding the property.
It's in poor shape and I'm trying to decide what to do with it once we move out: Sell as-is, refurbish and sell, or refurbish and rent out.
If refurbished, it will need to be completely gutted and we will need to secure a loan. Low estimates based on a combination of materials, DIY, and contractors: about $32k
Roof $9k
Flooring $8k
Shower surround $1k
AC compressor $3k
AC ducting $1k
Kitchen cabinets $3k
Bathroom cabinets $1k
Light plumbing $1000
Sod $750
Landscaping $1000
Paint $350
Miscellaneous $3000
Would you gut it and sell as-is, refurbish and sell, or refurbish and rent out? Similar rentals in the area are approximately $900-$1200
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source https://www.reddit.com/r/RealEstate/comments/1l7ubmg/inheritance_sell_asis_or/
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