If you like your siblings, I would not rent. Otherwise, odds are this won't turn out good in the long run. Someone will want their cash out for something else. Someone will put in more work. Someone won't want to put more cash in when the roof needs replaced. In my own personal experience, landlording sucked until I hit 6 properties (not an exact number as I went from 3 to 6 with no down time in between). Every month rent would come in, mortgage payment and expenses would go out. The account balance barely budged. Every time it would get higher, an insurance payment was due. Then taxes, then $50 to fix this....then that.... It wasn't until my 6th property that I felt the account balance was starting to move up. Your proposal is to stay at that worst position to be in-only 1 property-with your siblings as your business partners. You're looking at what, $50-$200/month TOPS net cash flow as your share each month? To me it wouldn't be worth renting it.
Make sure you read the Inheritance Drama thread over in the Antimustachian section. Several stories of siblings wanting to rehab an inherited house and ended up putting in too much money that they end up losing money in the end. If you can get the rehab to $50k, who is going to put up that money? Will all four equally? What if there is a hidden problem that causes you to go over budget? What if someone over spends and you go over budget with granite counters and subzero fridges? What if one wants to take the lower quick offer but another sibling wants to hold out for more cash? I never see more than 1 person/unit owning real estate worthwhile unless you have some very well thought out and written out documentation beforehand (business plans). I know it's tempting to look at it as, "If I put in $50k, I will be able to sell the house for $100k more!" You are only getting 1/4 of that. There will also be taxes on the gain. If the house is still in the estate as you rehab and sell, the estate will have to file a return. Not that it can't be done, it just seems messy to me.
To me, it looks like selling as-is is the best way to go.