Old House Money Pit! Help

[Lyra Gray]

Hello everyone,

New bigger pocket member here and am looking for some advice. We bought our first investment property back in November that was built in 1900.We bought it to use as a rental property and as a buy and hold. We knew the house was older and needed some repairs, but the home inspector found Nothing major, so we bought the property. 

Anyway fast forward 4 months and everything is wrong with it, hvac, foundation, plumbing and this doesn’t include all cosmetic renovations. Tens of thousands of dollars between cap xs and renovations- 

So my question is 

1. Fix all the problems and keep it as a buy and hold, even though it is a terrible investment so far and we are starting to hate our decision? 

2. Fix and sell and cut our losses and learn from this experience? 

3. Any other strategies I’m Missing to turn around this poor investment?

Thanks so much everyone!