I'm wanting to determine whether or not to Rehab vs Build Anew

[C.L. Arrington]

Hi, I'm a newbie real estate investor.

I have a home on about 1/4 acre of land. Holes in the roof have caused real damages to the inside (ceilings, floors and walls) along with mold/mildew and suspected termites. Looking at the outside it appears salvageable (built in the 30's)... I obtained it through taxes. I want to use the house or any other I place on the land as a rental property. My biggest concern is the mold situation (clearing it all up) because I most definitely don't want a future tenant getting sick on account of me making the wrong decision.

So my question is: Do I rehab or tear down and build anew (my replacement idea is a binishell concept home)??

Any ideas are greatly appreciated.