What would you do?

[Megan Flinner]

I acquired a home by Quit Claim Deed about two years ago. I've always expected it to be some type of investment start up for us, but now that the time has almost come, I don't know what to do with it.

This house was built in 1898 and was not holding together very well, the front of the house had no framing or insulation. In the two years I've had the house, we have gutted down this area  to reframe and sheetrock, we've added updates, and soon we will fix up the kitchen. I've saved every bit of detail, from the antique door hinges to the spindles on the stair well to be put back into the home. For a free house, we've only put about $20k in materials in along with tireless hours of hard labor, so far.

So... the question is, sell outright or rent it out? Its hard to find comps in the little town we are in, but I am estimating the house would sell for 150-180k, rent would be about $1000, with a $750 positive cash flow. We'd like to move back home when the house is done so we would be about 60 miles away from the house if we chose to rent it out.

Goals in the future include buying and holding, a few flips a year, and doing rent to own or owner financing for buyers/ tenants. When we return to our home city, this is a huge market to get into!

So, what would you do? Any advice for this newbie? Thanks in advance !