Re: sell "as-is," repair/update and sell, or repair/update and keep as investment
This is a predicament that many folks have found themselves in. The answer lies in whether or not you have the funds to afford to keep two properties, much less, the funds to have two properties and be considering major renovation expenses on one that you're not even living in.
Leaving the home vacant isn't really an option as the house will adversely suffer without maintenance, as well as attract squatters and vandals. In this economy, many townships have instituted stiff regulation over vacant properties, with harsh penalties to the owner should the house fall into disrepair (unkempt yard, vandal damage, healt and safety issues, etc. )
Keeping the house as a rental is feasible if you trust yourself (or a management company ) to find good, trustworthy tenants. However, if the house is not in decent livable shape, then finding such a renter will be tough. There are pitfalls of being a landlord, so do some research to learn what landlord and tenant rights are and weigh them in your decision.
Dumping money into repairs is a sticky situation. Generally, minor repairs and curb appeal improvements will make a house sell more quickly and easily, whether you recoup your investment will depend on the extent of the repairs and the current housing market. Half of the repair items you list are fairly expensive and extensive. You won't likely be able to do them without a financial loss on your part. For instance, to reroof you're looking at about $100 per square (100 square feet ) for materials alone, labor can double that cost depending on certain factors. The foundation work won't be cheap either and may fall under "title 1" repairs when a house / pest inspection. "Title 1" repairs are mandatory repairs required by the mortgage lender. "Title 2" repairs are generally negotiable points between the seller and buyer, they are not usually mandatory. Selling the house "as is" can get you around much of those problems.
I suffer from CDO ... Its like OCD, but in alphabetical order, LIKE IT SHOULD BE!!!