House inherited 50 & 50 but will divide equal with 7 sibling

[Hozona B.]

My wife & her sister were willed a home 50 & 50 in Statesville,NC. We live in NJ.

The home is big 6 bdrms 2.5 bh ranch on double lot, mother & daughter 2100 sqft. The good thing is, we have a great tenant who is not interested to purchase home and pays the mortgage & operation cost which we about break even. This tenant rents only the main house. The other side 1 BD & 1 full bath is vacant. The house only as one electrical service panel & gas. So everything is on one bill.

My first thought was wow great opportunity to purchase this house for rent income.However, the house needs some TLC at least 30 k to 40 k in renovations but, liveable. Zillow estimated comps that sold in the area for about $130 - $140 mint condition.

What do you think about, if I offer the siblings $30000 or less cash we assume the existing mortgage balance at $67000 at 4%? I believe the 1â rule works here, if i rent that vacant apartment. The problem is its a low income area with 16 felonys within a 1 mile radus ? Your professional advice is greatly appreciated. Thanks, Hozona