Need brainstorming: Considering a sentimental purchase

[Nicole M.]

This post is probably much different than most on this site, as it's definitely emotionally -driven, not a pure investment decision. I hope there may be some responses regardless. 

My husband and I have been investors for 20+ years, slowing building our portfolio and income. We are in a pretty good place. About a decade ago we left our hometown for greener pastures, which included selling the home we loved so much. I told myself that one day I would buy that home back and find something to do with it.

Recently that home has come back onto the market. For a fabulous price AND we are financially in a position to buy it (but buying it would take us away from a more profitable investment). We have no intention on moving back to our hometown - although we do like to spend time there - and I have no idea what we would do with it that would make even a bit of financial sense.  It's a beautiful home on a beautiful piece of property, but in a less-than-thriving community. 

I think it's a no-go for us, but I wanted to put this out there for brainstorming just in case. Sometimes I pass on something and then think of a way I could have made it work a month or two later. I don't want that to happen with this.

Is there any way to make a less than steller real estate purchase work? 

Possibilities:

- Buy it and rent in to a long-term tenant (I don't think it would cash flow, but we would of course build equity)

- Buy it and rent it short-term (this is not a touristy area, so I don't expect that would work)

- Flip it (I do think we could turn a profit, but the whole point of buying it is NOT to sell it)   

Does anyone have any out of the box ideas? Or thoughts on these very basic possibilities?

Thanks in advance for humoring me and my wistful longings lol.