TO REHAB? OR TO SELL AS IS

[My Danh]

Hello I am a fresh into the real estate.  I am always fascinated with RE/  AND ALL THE POTIENTAL WAYS to make money. So this is my first project in it.  Any help and recommendation are greatly appreciated. 

I am helping my parents sell their house. Its a tiny 800sft house that needs to renov, kitchen, floors, paint. etc. On paper it is a 2/1 but since we owe the house we have put in addition room downstairs therefore the house would be 3/2.  I was wondering if it worth it to put in the work and try to update the house or if its better to just sell the house "as is". They are not in a rush to sell but would like to have it sold at by end of next year. Another question is it possible or worth to pull equity out the house to renovate the house. The house is paid off in a good neighbor. Price estimates i check with zillow and redfin are around 120s to 200s. This is in the Roanoke Virginia area. 

THANK YOU EVERYONE FOR THEIR INPUT