Strategy for tenant damaged rental. What would you do?

[Michael C.]

I have a SFH that has had a tenant(crackhead) squatting since last june. The marshalls FINALLY came to execute the eviction last week. The house is bad. Trash every where, all appliances destroyed, cabinets destroyed, bathtub tiled over?(really), ETC. Prop mgr thinks 30k at least to bring back to livable.(I'm in california) If you're wondering, original tenant was vetted and great for a couple years, got on drugs and his boyfriend stayed and squatted.

So my question is should I:

A. Repair out of pocket and sell. I would parlay the equity into a nicer place/ neighborhood.

B. Use some kind of financing to repair and if so what is a good option? I would then rent at a higher price. (I can only repair out of pocket if I'm going to sell as I need the money back relatively soon)

C. Don't repair and sell as is. 

I bought in 2017 so I have a lot of equity. In decent condition could probably get low to mid 200k's in current condition probably mid to high 100ks I would say this is a C neighborhood.I save all income from this property so I have some money put up for cap ex stuff but this will burn through that.  I'm not a super rich baller so I can't just pay whatever and let it ride. I'm honestly really mad someone would just destroy my house like this.  It comes with the territory but it's messed up.

So.... Any advice?

I'm happy to answer any questions.

[Michael C.]

Quote from @Scott Mac:

Tiled over the bathtub--WOW....

That kind of behavior makes me wonder what other (hidden) goodies have been done to the place.

Removed the furnace heat exchanger for who knows what reason.

Rewired all of the electrical outlets backwards for the same reason.

That tub thing might just be the tip of the iceberg, and (seriously) maybe there is a (decedent) under there?

Not meaning to be morose but tiling over a tub is very strange behavior.

You might want to pop up into the attic and have a look around too.

Good Luck!

Yes we are giving the whole place a deep inspection. I hope theres no bodies in there haha. They basically did a mosaic tile over the edges of the tub. Super weird.I think the pandemic messed them up mentally.