Fix-up vs. sell "As-Is"

[Solomon Mamo]

Hello Dear BPers,

I am here again with questions. The rental property i have for the past 8 years was a disaster. First, all these years it was on a negative cash flow-meaning i was paying round $120 toward the mortgage. That was the only option i have (i am not a real estate investor and don't have any knowledge what to do). To make thing worst, few weeks ago the management company (new manager doing her inspection) found out that the place is in a  very bad shape. As i mentioned few days ago in one of the forums, i was told it takes round $32k to fix the issue (based on one contractor's assessment). I bought the townhouse in 2006 for $189,900, and i own the bank $164,000. I bought the place thinking i will live in it for long, but i found out a job and moved to another location (reason why i am in this problem in the first place).

I really need bigger pocket's advice on this. What is my good option-1) Fix up and sell or 2) sell it "as_is"? in both scenarios i will lose money and i still have to find to do that.

Note: the location of the place is in Williamsburg, Virginia (Hampton Roads)

Any advice please

Thanks

Solomon