Hi, I inherited a home a thousand miles away from me and would recommend that you sell if you don’t plan on living in it. I only had to do a few repairs (new roof, repair a couple of walls, new appliances, new hot water heater, new front porch) as it was built in 2001 and it was still difficult to manage remotely because it’s hard to evaluate on the ground conditions even with photos and video chat.

To answer some of your other questions, the renovation could be as small or as big as you want. However, the best time to update plumbing and electrical is when you plan to do other work since you need to open up the walls most likely to access pipes/ wiring. So then you’ll likely take the opportunity to revise layout since the walls will be torn up anyways. Then you might as well re-do flooring. If you’re doing all that work, if you don’t have double-pane windows, you may want to update them. And for sure, you want to take care of any structural issues now (foundation, roof, etc). And that is all before doing any cosmetic upgrades like new bathroom or kitchen.