Quick sell or subdivide?

[Bob Clement]

I am semi-inheriting my father's house in Maine. My mother has agreed to sell me the house for $150,000.00 even though it is worth $285,000 with must do repairs completed. It is a 1950's ranch with 10 acres of land. It has approximately 1400 feet of ocean front (tidal river about 5 miles from the top of Penobscot Bay).

The house needs some work even though it has been reasonably maintained.

Must have's
New Septic System

Leaky Basement repair.
Repaint exterior

Should do's
Complete rewire from 100 amp service with tube main breakers to modern 200 amp service.

Replace old 1950's windows that are cheap aluminum balanced or wood channels that have been pained shut, but at the front of the lot near the road in the front corner of the property.

Some options (many more this this probably)

1. Do the must do's and sell.

2. Do the must do's, subdivide the property to X number of lots (3 ocean front lots is the max) and sell each lot.

3. Do a full renovation to make the house price compatible with the level of ocean front houses that might be built on the subdivision so that it does not detract from the Ocean lots. Sell eveything.

Thoughts?