What would you do?

[Rebekah Shields]

We have a rental property in South Milwaukee, that we were really excited about when we thought we were going to move there. We ended up not moving there and decided to sell it. We knew the roof needed some repairs so I reached out to get some quotes for a roof replacement and it's looking at 14 to 22,000. I also just found out that there's foundation issues because of the leak and was quoted roughly $35,000. I am trying to figure out what to do with this property and would love to hear your thoughts or ideas around this.

The rent is below market but the apartments arent updated.

Options:
-We could keep the property and make the repairs, but would be at a loss for a couple years until rent covers expenses.
-We could sell as is but they would make a low enough offer to where I think we would sell at a loss.
-If we made the repairs, I'm not even sure we would break even after the sell.
-Up the rent, and make one repair over time. Since we aren't in that state it would cost more because we can't physically be there to track projects, network for contractors etc.
-Update the inside, up the rent. Then make foundation/roof repairs one at a time. Get rid of the property manager to save some money.

What other options am I missing? What would you do in my shoes? There is a basement, that if updated could probably be rented out for storage.

[Rebekah Shields]

Thanks Jaron, we are very split on this decision but I am leaning towards your approach.