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Where I live a million could buy me probably 6 decent 3 bedroom style homes and leave me enough money to do any renovations I would need on them to make them nice. Houses like that rent for around $1000-$1200 per month depending on location and the house. At that rate I would collect around $6-7.2K per month in rental income forever. Sure, there would be expenseses and potential upkeep and dealing with renters, but there are ways to work towards making sure that you limit your exposure on that stuff.
Sit on the property for several years and let it slowly regain its value and then decide what I want to do with it.
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