Inherited condo, renovate and rent, or sell

[Dee Jay]

I am very grateful and thankful to a parent who recently passed away and left us with an owned condo (no mortgage) .  My question is renovate and rent, or sell.  Not a real estate professional for tax purposes, but currently have experience with 1 other rental. 

Current redfin estimate is around 750k but would likely sell for 650k. The condo is in pretty rough shape and would require about 60-70k in renovation costs to make this rentable/desirable. Heavy HOA/assessment fees bring down estimated net collections around 20k per year after ALL fees/taxes/insurance/realtor/potential-repairs etc. With depreciation, taxable profit would be close to zero.

I realize we are extremely fortunate under any circumstance, but the thoughts I am balancing are if you could only return ~3 or 4% via renting out after a thorough renovation, would you consider just selling outright.  Around what percentage annual net collections makes renting out worth it versus just selling and money market/interest. 

Thank you very much in advance!