Detroit single family home

[Richard S.]

I recently acquired a free and clear single family home 3 bedroom 1 bath 950 sqft in the Redford area of Detroit..zillow est $43,000.. The previous owner explained to me that they had renters in the property but since then a water leak in the roof happened from a vent in the kitchen so there is water damage.... also the property is now boarded up and secured..

What would be the first thing you would do?  should I invest money to fix and rent? should I sell now? should I hold for a couple years and wait?

I live in Phoenix Arizona no real estate experience... 

Thank you for all the suggestions