I own a house in a state I can't visit, should I rehab?

[Robert Mittendorf]

I got a deal on a major fixer on the south side of Chicago. I bought for $60k and have unofficial offers (both informal and offers that fell through) for up to $170K. I have architectural plans, permits, and the house is cleaned out. I got an estimate from a contractor (I've used before for another project) for a rehab at $215k. Houses on the block sell for $500K. But I don't live nearby. Should I hire a project manager I don't know to keep tabs on the contractor? or just sell the house as is?