What do I do with this nightmare property?

[Marc Woodward]

Hello folks, this is my first post and I would really appreciate some thoughts on my situation...  I could probably write a novel on the backstory, but I will do my best to stick to the relevant information...

I own a house in Matthews, NC (Charlotte market) that is in very bad condition.  It needs HVAC work, band sill repair, it has a soft floor in one bathroom while the other one is half finished.  It needs ALL flooring, needs all new Windows, could use a new roof, needs to be painted, needs a kitchen remodel and the detached garage is literally about to collapse and needs to be torn down.  My rough estimate is that it will take around $60,000 to make the house right.

The one thing this house has going for it is that it is in a very good location where there is a shortage of homes for sale.   I owe $115,000 on it and eappraisal website estimates its value at $165,000.  Zillow says $182,000.  

We no longer live in this house as we have bought another and moved the heck out.  It has been empty for 1 year.  The mortgage is current.  What should I do with this thing?  It is way too messed up to rent and I don't think there is any money to pay a real estate agent commission if I want to sell it as is, not to mention its condition would disqualify most buyers.  Any suggestions?  I am open to all ideas.  Thanks, Marc

[Marc Woodward]

Here is an update on our "nightmare property"...  The lessons of this story are as follows: 

-"It is a big mistake to assume You know anything without doing your research."

-"You don't know what you don't know."

-"You have not because you ask not."

Cryptic, I know... so to make a long story short...  After making $1,000/mo. payments on an empty house in severe disrepair for 18 months... and assuming nobody would want the property because we didn't think the numbers would work for a rehab, we finally listed it with a very confident and persistent agent who sold  it in 2 days!   Not only that, but we actually walked away with a check after closing for over $7,000!  

Our agent, Daniel, had the perspective that we did not.  He looked at the property with optimism and fresh unbiased vision where we were pessimistic and fatigued over the situation.  I am so thankful to be out of that house and thankful that pesky agent who called me for months never stopped chasing after the listing!