Hold, sell or remodel

[Account Closed]

I made a rush decision buying a property. Some red flags I ignored:

1. The property was supposedly in the market for two years and wasn't sold.
2. It's not a duplex or triplex but too many rooms for a single-family. 
3. I can only have 1 lease and no more than 3 strangers (according to Philly rule) but I have rooms for more than 3 strangers.
4. There wasn't much room for negotiation and the seller took advantage of my sense of urgency.
5. He sold the property as is and I fell for it..
6. It's not too shattered for complete remodel work.
7. It's not duplex or triplex so now I am getting backlash from family and relatives who think the ultimate solution is to remodel or just sell.

I spoke to a seller agent who said the max I can profit is around $15k which isn't profitable at all. And it doesn't make sense to remodel a house that's livable in my opinion. It's a 100-year-old house and if I remodel, mine as well demolish and start over. I can't afford that big of a project now, so I don't wanna touch the remodeling. 

Now, how do I make a decision to hold or sell.. keeping in mind that there are duplex/triplex property deals I might be losing right now and some fix and flip opportunities that won't wait for me in few years down the line? 

[Bruce Lynn]

Are you living in it?    If so live and enjoy.   If you can rent a room or two, do that and make some extra cash. 

Did you buy to live in it or rent out?

Are there other duplex or triplex on your street or in your neighborhood?   If so, could you apply for zoning change and change it to multifamily?  Would it make sense to do that?   Could you rent the basement or 2nd floor to do that?   You just have to look at the cost to remodel vs the rent and see if it is worth it to you.

Are there any schools nearby that might have students that want to rent a room from you?

Don't worry too much about family and friends giving you financial advice....they mean well, but too often that is not good advice.

You could always put up for sale at your price and live in it in the meantime.   If you get your price, well then you are happy with the sale.  If you don't, then enjoy living in it and make the most of it.