Flip or Rent this property?

[Clancy Catelli]

Purchase price $145,500 cash. With a $10k rehab it would be worth $200,000. It would be a $38,000 profit. I got a good deal on it.

Or 

Invest $10k to fix up and Rent for $1200 a month. (would take about 3 years to make up the difference of just selling it)

Or

Invest the $10k and refinance it for around $3k. So pull $160k out of the $200k property and rent for $1200, Cash flow would be very minimal. 

???