selling older inherited house ? or maybe not...

[Doug Davis]

My sister and I inherited a house built in the 1960s with a pool that was unused for many years and has leaves and a couple of turtles swimming around in it.  It also has a fireplace.  Also, the neighborhood may not be all that great.  We have fixed many issues in the old house, we are working on the pool and we are thinking of selling it instead of renting it and buying something more simple to rent.  We don't trust people with operating the fireplace and think the pool will be a hassle to maintain and a drain on revenue.  It has really old carpet that needs to be replaced in a couple rooms, but the rest is tile and hardwood. 

Options:

1. Sell as is to an investor

2. fix the rest of it up and sell

3. rent (we are not too sure about this one)

If we do finish fixing it up to put on the market, how do we know what the right amount to fix/improve is?  Or the minimum?  Should we get an inspector to look at it now?  Is there a list?

What are your thoughts?

Thanks.