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 

[Joshua Woolls]

sorry I didn't get back to you Richard. I went over this weekend and took some pictures as well. Got caught up in the holiday and didn't send them over to you though. the house is in ok condition(visibly). Not terrible, but not great. The neighborhood is not terrible, but it isn't great as well. I would believe you can get 25-40k depending on the interior condition. Quite honestly I would not list with a realtor. I would market yourself, or find a wholesaler. 

Believe me when I say your situation could be worse. This isn't a war zone. There are even people that like to own rental areas like this.