Best selling strategy, specific scenario

[Chris Ochs]

Our home is in a prime location within 1/8th mile of a lake.  With an old ranch style house that needs a complete renovation really.  A better/average house and it would easily sell for around 1.2. As is we have an offer for 900k atm.  We owe just under 370k.  There is a supply shortage that won't be going away, most everything is selling above asking price here.  But the house is really bringing down the value for selling to average home buyers.

A renovation of around 100k -150k would I think easily put the house into the 1.2 - 1.3 range.  But this isn't my domain so having a hard time judging the risk here.  I don't want to leave too much on the table.  But I wouldn't even be thinking about this if I wasn't sure it meant at least 100k more.

Thoughts?