What to do with inherited property in France ?

[Rafael P Martinez]

Recently my wife inherited a 4/2.5 house in France, the house is completely paid off and has no obligations.  This home was recently appraised in about 300K, however it needs some TLC. Although the home is well cared for and very much in mint condition, her parents kept the original style. It definitely has a 60s look (like time froze in there) and it needs all bathrooms and kitchen redone to match todays standards, update heating systems, and energy efficient windows.

This home is located in the southern town of Avignon,  a small-city with a historic downtown area that is very popular area among European visitors during summer time.  The downtown area is very old school european and it is filled with is small buildings with tiny apartments or studios that occupied by students, airbnbs, or couples. The inherited home is located just outside the downtown area, probably a 10 minute drive, or a short tram ride.  I must also say the home was inherited by both my wife and her brother, so we have to include him on whatever is planned.  

I would like to hear what are your suggestions about what to do with it,  and here are the ideas I came up with.  

- Keep the home and do reno work, split profits with brother or buy him out before renovations.  It is my understanding that in France people tend to own homes more than renting, so I am not sure if renting such a big home will be a good idea. 

- Renovate and Airbnb it (because its proximity to popular attractions) Then again I am not sure such a big home is good fit for airbnb, usually european families are smaller and a 4 bed home may be too big

- Sell it as it is, split money with brother and use that cash to buy other smaller apartments in downtown area where rent or airbnb may be more attractive. 

- Sell it and invest in the USA, which I think is the worse idea. 

Finally I must say my wife and I would like to have a property in the area for our own, so we can have a place to use whenever we retire and wanted to spend time there with her family, or just enjoying the beauty of the south of France. 

Thanks to all !!! Looking forward to hear those great ideas.