Are you self managing those properties?

It varies a lot and depends on the vintage of the property and your tenant base. 

We manage a property that was having drain field issues for awhile, got estimates and had the owner approve one of the vendors.

Been with a handful of property managers during that time.

Have a frank conversation with the property manager. 

Only about $3k was spent to make upgrades and improvements to the property.

Also would need to know if the property would be owner occupied or an investment property. 

Pricing a rental property too high is a BIG mistake. 

@Dan AudinoFor path #1, is your eventual goal to rent out the property?

You look for comparable sales for other distressed properties that are similar and nearby and also counter that with finished version comps so you can see what your perceived spread could be.