selling a property - we need help

[Carolyn Lloyd]

Hello BiggerPockets friends…

My husband and I own two properties that we intended to use as rentals. The first one is in the town where we live and is currently rented. That property is doing just fine. The second property is in another city. We live in Oklahoma City … actually Bethany. The second property is west of us about an hour’s drive in Cordell, Oklahoma. We purchased it because the house was a good price compared to the same quality in OKC.

Cordell is a little town and is rural. The average household income is $84K. Close cities for work are Clinton and Elk City. It’s a really cute town.

We made several improvements to the property when we got it - a totally new gas line, a totally new water line including all the lines from the street and pex plumbing installed. We had the foundation repaired. The roof is only a couple years old. Put in new fixtures and flooring. The home is about 1200 square feet. 2 bedrooms 1 bath on ½ acre in town.

We got it ready to rent and although we had many many people inquire, they didn’t want to pay the price we posted. It was comparable to other rentals in the area. Most of the time we were offered ½ of what we were asking. So it didn’t get rented.

After about 9 months we decided to list it for sale. It just wasn’t working to try to rent it. Now it has been listed for sale for a little over a year. We do like our realtor and are not thinking of changing that. During that year we had 2 offers yet they backed out of the deal at the end. We have reduced the price three times. We still have lots of looks and saves on Zillow but no offers now.

Any suggestions on what to do?? We don’t want to pour any more money into it. It was purchased for $60K. We don’t want to lose money in the sale and we are being reasonable in the price we have listed it considering what we have put into it. It is currently listed for $73,900. This is comparable to other properties in the area of the same kind. Of course we still maintain insurance on it and have a lawn guy that takes care of upkeep.

At this point we just want to sell - we have no interest in keeping it. Any great ideas that are reasonable??? We are discouraged and just don’t know where to go from here.

Carolyn