Donna: My take? Sell! Your Mom is not going to come back, in all probability and if she does, she will need to be near friends and relatives. Friends, for folks up there in age, get fewer and less able to help. So, it would seem, unless she has other family in Ocean City, that she will need to move to another area, perhaps Warren. Is that in the one in Somerset County? If so, there's NO WAY you can be a good support for her in Ocean City.
If you want to get in the rental business for her (she is not going to be able to handle the property from Florida) you might do so. Rental property is a business. General management, inspections, maintenance and emergency issues might all be contracted out but they are not without cost and the net rental profits may be slim. There is always the capital appreciation that comes with property ownership, especially at the shore but that is a long range proposition. Your mom will probably not benefit from it although her estate might.
On the other hand, the profits from a sale, invested wisely, can yield better returns that the average real estate venture. The funds would also be much more liquid and would also be much easier to tap incrementally, should your mom need cash to maintain her appropriately in Florida or elsewhere.
There are trade-offs, obviously but unless you have a yen for property management and of property miles from where you live, Iâ€™d get out now.
If you are worried that you will miss a great rise in property value, remember no one knows if or when that might happen and you could just as well see a similar rise in any other investment that you might make for your mom.
I know that this is a disruptive and stressful time for you both. I wish you both well.