Inherited my dads home and wondering if its better to sale it or rent it out?

[Waylon Bruce Moore]

My father died recently and my wife and I along with my sister inherited my father's house. The house is a 2600 sq foot, 4 bedroom / 2 bath home that needs a medium reno ( new paint, flooring, bathroom vanities, and kitchen cabinets). It also has an additional 600 sq. ft Den with an outside entrance that could be converted into an apartment. My question is should we sell the house "as is" which would bring us about $400k total or do the reno and then do a room rent with shared spaces of the large kitchen, dining room, and giant living room? We could get about $4800 per month with the room rent. Thoughts?