Fix and hold or sell?

[Steve Phillips]

We have a unique situation on a property that was left to us.  This is a single family home in sub decent neighborhood. A mix of multi family and singles. The property had been neglected and needs siding, roof and windows. It has off street parking and  5 car garage that also needs work. Both the parking and garages or rare in the area 
It was given to us from my wife’s ex in laws (long story there ) but has a mortgage of about 145K and a mass health lien is 25K. We are ready to start our investment journey and feel this property could very well be a means of starting either as our first Brrrr or using the capital to buy another property. We have some cash we could put into the property to “clean up” but not enough for a complete Reno. 
any creative thoughts on how to proceed.  
BTW the property is in New Bedford MA

Thanks ahead of time for any thoughts 

Steve