Looking for advice

So this is going to be an odd one but bear with me. Let’s start with some background. I’m 22 with no large debt positions except a 4600 car loan that’s never missed a payment and a 700 medical bill that’s in collections that I will pay in full within the next couple months.

My grandparents have stated many times that they want to leave their house to me when they’re gone. I never asked them for anything like that but I guess they trust me more than other family to take care of stuff after they’re gone. Hopefully a long time from now. Now nothing is set in stone and they are in relatively good health but me being me I can’t help but plan ahead. They told me the house was recently valued at around 220,000$ and that they owe probably about 120,000 on the mortgage. It’s just then currently living in the house and their pets.

Now I know just from doing my own research into the local market that the house could easily be worth upwards of 240,000 with some minor repairs. It’s a good quiet neighborhood, the house is 3 bedrooms 1.5 baths which I think could easily be turned into 4 bedrooms. It has a nice sized yard and off street parking with no home owners association.

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I guess my question would be what would be my best course of action if I were to inherit the property. By then I’m sure the loan balance would be much lower and I’d also have a decent amount of my own money to put into some renovations. But if you were in this situation what would you do?

My thoughts were on three options

1. Fix it up. Do some minor cosmetic repairs. Get it up to market standards and just sell for a lump sum

2. Fix it up a little and rent out individual rooms in the house

3. Fix it up and rent out the house entirely

Honestly I’m just looking for some ideas and maybe some other options I haven’t thought of. Let me know what you think and any feedback is welcome. Thanks.

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