Not sure what to do with this house--dad owes 50k, needs work

[Steve Foth]

I will try to be as detailed as possible, and am very open to suggestions. The house is owned by my father, but I currently live in it--basically to help him out of a bad situation. My parents were divorced, he refi'd to pay her off in about 2006. He owes approx $50k and the house is in poor condition. Recent sales in the neighborhood were 40-80K depending on condition, all similar size and layouts(large yard, detached garage, 1500-1700 sqft). I would like to turn this into an OK investment for myself rather than a huge nightmare for my dad. I know there are better opportunities for me, but I also want to help my dad out who was always there when I needed him. He wants nothing to do with the place and has no money to work with.

The lower level needs new flooring, kitchen, bathroom, and should be drywalled as it is currently a combo of plaster and wood paneling. The foundation is made of field stone. I've replaced all electrical upstairs, but the lower level is knob and tube, the plumbing is in poor condition. I replaced the main vent stack a few years back, but the plumbing is all galvanized and I have had to replace quite a bit already. I think it should all be replaced.

It needs a new roof and I got an excellent quote of $5k from the guys doing the upstairs--normal cost would be 7-8.

I am currently remodeling the upstairs, including adding a half bath.

Currently I am paying the mortgage and property tax.

$350/mo mortgage, not sure on terms but this should be refinanced

$175/mo property tax

It is located in Wisconsin. House is 3 bedrooms plus 2 walk-thru rooms upstairs that were also used as bedrooms. I would consider this a 3+.

Area rents for a 3 bedroom are 500-750/month

Area rents for 4 bedroom 765(real dive)-1200/month

I believe it could support $900 after repairs. $750 would be very low end. That's a large range because of the walk-thru rooms and lack of closet space.

In it's current condition, my dad would have to bring 20k+ to the table to sell the house. He cannot afford this, so I am looking at the best possible solution. He wants nothing to do with the property, but also will not foreclose or short. I have effectively taken over the place, but for the cost remaining on the house know that I could pick up 2 other properties in the area. I don't want to drop it on my dad's shoulders and walk away, so I am hoping to find a way to make this a decent investment.