What do this with this property?

[Robert M.]

I am new to biggerpockets and have been learning a tremendous amount from this site. I just came upon a property which I need advice from the mastermind group (you guys).

Question

A relative purchased this property on eBay.

908 Clay Ave, Toledo, OH 43608 for $3,500.

My relative is from California yet the property is in Ohio so managing it is a problem and has had a change of heart and wants to get rid of it now. I am in the process of starting my wholesale business started and thought because of the price I could do a quick wholesale assignment for a small fee $500-$1500 just to get my feet wet . I researched the property online to get comps and got an ARV estimate of about 17.5k and similar homes rent for $500/month.

We had someone go out to the property to give us a repair estimate of about $31,301!!!

The main items on the estimate are:

• New roof
• Clean out trash (excessive)
• Back porch concrete decks needs to be replaced
• Replace all kitchen cabinets/sink/faucet/countertop
• Replace bathroom cabines
• New how water tank
• New paint/carpet/tile
• Fix broken/loose trim and paneling
• Replace hot/cold water lines to the main tank
• Kitchen/bathroom drains need to be repaired/replaced
• New furnace
• Fix broken windows
• Replace fascia and missing soffit on front porch

I am now scratching my head not knowing what to do with this property. I can't wholesale it to another investor, flipping it would make me lose money. This property is free and clear but I am unsure of what exit strategy to recommend to my ailing relative.