wwyd with inherited property? (hypothetically speaking)

[Maria D'Aura]

hypothetically speaking: 4 siblings inherit a SFR current market value of approx $1.6mil. It's in near original condition (50+ years old). Homes in the area in this condition rent for $4500/mo, with some renovations rent is $5000-$6000/mo. A complete everything new $200K remodel would raise the value to approx $2.2mil. Also, tax rate is inherited so that is less than $1000/yr.

Of the siblings 2 prefer to keep the home and rent it, 1 just wants their share out, and 1 is indecisive. Let's say home is in Silicon Valley. 

From investors standpoint.... what is the best strategy? Keep and rent, buy out others who want out, sell and reinvest in less expensive market, or?