Inherited a bungalow home in Auburn Gresham district, what to do?

[Henri Parker]

Due to passing of family member, I own a Bungalow in the Auburn Gresham District of Chicago.  The house needs a lot of work.  It still has a steam boiler, heating radiators, no upgrades to kitchen and bathrooms.  Hard woods in decent shape, basement needs renovation, etc.  The house is paid for, trying to decide on selling as is, rehab and rent, or rehab and sell to get the most out of it.  Any recommendations on how to analyze the potential and guidance on best path forward.  I live out out of state.  

Thanks in advance......

[Henri Parker]

@Caleb Heimsoth based on my research, I think the house will sell as-is around $60-$70k.  Depending on the level of rehab it could range from $25k - $75k.  Thoughts on rehab range from:

- Kitchen and main (2) bathroom remodel including floors.

- Carpet in bedrooms

- Basement floor 

House is currently a 3br, 1.5 bath

Could easily add (2) bedroom downstairs 

- add central heating/HVAC

I have family in the area.  

Estimated ARV based on similar homes in the immediate area range from $160k - $200k.