Thanks for the replies. I didn't think there was something I should do with it, but I figured that there are a lot of experienced investors here that might know some tricks or ideas that I haven't heard of.
I didn't really want the property now, but my dad is getting old and dealing with some stressful things. He wanted to give it to me now to lighten his load of things to worry over. It might not make the most financial sense at the moment, but I guess sometimes you can reach a point when the money is less important than your peace of mind. Money used to be very important to him, but he's almost 80 and his vision is beginning to fail. His priorities have changed a lot lately.
The place needs a few repairs, and the property tax is sort of high. I have a home equity line on my home at a very low with a zero balance, so I'll use that if I need to for a few years. We'll still enjoy the place on weekends during the summer, and we will use it while visiting other family and friends in the area (it's near Charlotte, where I grew up). The appreciation has been higher than the expenses & taxes since Dad's had it, so I can recover the costs later if I decide to sell it.