Fireplace Needs Bigtime Repairs - Do I Close It Off?

[Chris S.]

I have a two family in the Boston area.  The downstairs rental unit has no working firelplace -- there is just a bush league electric insert.  

The upstairs unit has a working fireplace that the current tenants use often.

We just had the fireplace inspected due to some concerns we had and it sounds like it is going to be a forture to repair it.

Summary - needs to rebuild the firebox with firebricks ($3300), grind and repoint entire chimney ($3100), New Lead Flashing ($1150), new damper ($425) ---so grand total of around $8K.  says the fireplace is not useable.  

His other option was to close off the fireplace and flue tile for a cost of $2400.

We have great tenants and they love the fireplace, but $8K is a huge outlay right now for me, although seems as if I'm still stuck with $2400 in repairs if i close it off.

Any thoughts on this?