Sell it or rent it?

[Darrcelle McGinnis]

We are new to the community and need some feedback. On the skinny, we brought a cash home in Prentiss, MS 39474 for $20k in July 2023 (3 bd, 1.5 ba, 1 acre). We used the "homeboy remodeling company" and the house still is not completed (almost ~10 months). We are now all in $57k cash. Someone has asked to buy the house "as is" now. They are asking for a sell price?? We had the house appraised last month. The appraisal was lower than anticipated ($93k) because the "homeboy remodeling company" did not make the property presentable. We believe the property could have been appraised for ~$115k (new medal roof, new HVAC, floors, fixtures, new sheet rock throughout). Prentiss is very rural with no industry. The 2-closet towns are 45 minutes away. Should we keep the house and add $15k to make the home rentable? We would be all in $72k. We are working on section 8 which would give us $1200/mo. With the $15k upgrades, the home would be NOI $9,208/ 12.88% CoC ROI and a cash flow of $767 month. If we cannot get a section 8 tenant, the rent could go as low as $800 with a cash flow of $404. The local laws are loose, and we could dd 2-3 mobile homes on the lot. Should we sell, we would be starting all over again with some good experience and cash in hand for another down payment or cash purchase in another market. Cons: we live 7 hours away from the property and would have to find a property manager. Sell it or rent it?