Some advice/thoughts from the more experienced..?

Hi all, I came across the site while doing some research.

I'm interested in hearing some thought on my situation if you please.

I inherited a house with 2 siblings, and I have the option to buy them out. It's a 3 bedroom on a block of 650m squared, in Victoria (Kingston Council) zoned residential 1 with no overlays a block or 2 from the border of Beaumaris. 5 minutes walk from major train station and primary school and a pretty big shopping strip plus a Westfield.5 minutes drive from the beach.

Needs a bit of work, most I can handle, but it has what appears to be an asbestos roof. I haven't had it tested.I can buy the others out for maybe a little over 400K, no stamp duty either. I own an inner city apartment outright (PPOR) that's valued at 500K.

A few options

– buy it, move there and work on it over a while while renting the apartment out, but I love where I live now. Then sell the house when finished and move back here.

– renno it and rent it out, will need new bathroom and kitchen and the roof has the odd leak.

– pull it down and redevelop. This would be the biggest outlay but probably biggest profit. There are apartments across the road and down the street,

  and the place next door was subdivided into 2 townhouses a few years back.

Anyone have any input on what they think would be the way to go?

Thanks