Long term renters moved out and the place will need a lot of work to either get it ready to rent again or sell for a decent price. I'm trying to figure out a budget for repairs.
On one hand, there's no rent coming in right now, so it would just be the cost vs what it could be rented for, but that doesn't account for the value of the property which is paid off.
I think the better way to compare would be the property's value plus the cost of a remodel vs what kind of return that could generate. For example, say the remodel is 80-120k and it could sell for 150k as is or for 350k fixed up and rent would be 2600. The remodel would be worth doing so to rent it the "cost" would be 450k and after expenses rental income would be like 23k so that would be 5% return which is comperable to a conservative allocation.