Renovation or Selling

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Hi everyone, 

I am an owner of an apartment I have been renting for a few years. 

Recently after inspection turned out that the apartment needed big renovation, due to the old electrical system installed in the apartment. For safety reasons, the whole electrical system needs to be replaced in order to continue renting the place. 

This puts me in the dilemma of whether to sell an apartment and let the new owner deal with the issue (he will be notified of the issue), or to fix it and continue renting. 

I want to approach this problem from a financial analysis standpoint i.e. pure math. Does anyone recommend any resource or guide where I could learn how to analyze whether it's worth renovating or selling the property?