Sell and make $200k profit or rehab and rent for $8400

[Jae Smith]

SCENERIO:

Purchased an investment property in NY for $110k. 3200 sqft, 1600 sq ft basement, 3br 3bth w/ 1br 1bth legal accessory apt. The home needs about $175k-$200k in reno. ARV: $500K+

Once renovated my plans are:

1 br - 1800

3 br - 3000

3 br - 3000

2 car garage - 600

Question: There are 2 current offers on the table for $300k ea. Should they let the house go, sell for $300k and make a quick $200k profit or should they invest the $175k-$200k for reno and rent it out for 8400 monthly?