What Are Some Reasons a Property is on the MLS for over 30 days?

[Stephanie Ro]

For my first purchase, I will be house hacking in a multifamily property. The examples below just happen to be in PA where I have never lived. The questions apply to any property no matter the State. When I return to the US, I am happy to go anywhere only if there is a sports bar in sight!

While browsing the MLS, I notice that properties sit on the MLS over 45 days. Instantly, I think there is something wrong with them – termite damage, major plumbing issues, structural/foundation problems…etc. I've even seen photos with contractor's equipment lying around. It looks like they walked off - not very attractive. Perhaps financial issues with the investor?

However, there are some properties that are listed as “turn-key” or “newly renovated”, yet they sit on Redfin for over 100 days. (I take the property descriptions with a grain of salt.) My thinking is that this area really isn’t a renter’s market or that the house is too rural for a big interest.

What else can it be?

#1 For example – https://www.redfin.com/PA/Pittsburgh/7413-Duquesne-Ave-15218/home/74519930 this one looks like college aged party-goers live here, but it states that the two current tenants wish to stay. (Personally, I would renovate the whole thing (lightly) and get new tenants who would pay a few hundred more). An unfinished basement would be a dream!
*if there are two renters, why can’t this sell?* Why are there no investors interested?

#2 https://www.redfin.com/PA/Somerset/363-W-Church-St-15501/home/139058626 This one looks really fresh, but it's appears to be rural. Maybe too rural for an investor? Why do you think this has been sitting on the MLS?

I know to consult a REA to get a more clear story, but at first glance, what can you tell a new investor to be like me? If you came across these properties on the MLS, would you investigate or pass them up?

Thanks!

-Steph