I, along with my siblings, have inherited from our father a very large two family Victorian in Quincy, Massachusetts just 10 miles south of downtown Boston. The house is located in one of the most desirable sections of the city. Ideally we would rent both units and utilize a large portion of the rent to help pay the monthly debt on another property(s). Here is the rub: this house definitely falls under the category of “fixer-upper” and recently it was suggested we just sell it “as is” because it may not be worth sinking a lot of money in to it. My feeling is this is just the kind of house an ivestor would be drooling over, so why would we want to get rid of it.
What is the smart move here? We all have investor’s attitudes and, even though this is our childhood home, we will make objective decisions. I guess we can go one of three ways: We can sell “as is”, We can sink money into it and then sell it and make more money at the end, or we can sink money into it and get high rental income.