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Updated over 7 years ago,

User Stats

822
Posts
440
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Jeff Bridges
  • Investor
  • Hyattsville, MD
440
Votes |
822
Posts

Trying to sell vacant rental property- suggestions?

Jeff Bridges
  • Investor
  • Hyattsville, MD
Posted

Hoping for some guidance on trying to sell vacant rental property in blue-collar neighborhood that is listed on MLS with some turn-offs to buyers. This was originally advertised as a rental this winter/spring but got no applicants willing to rent at a price point that makes sense for me in terms of cashflow so I decided to sell. Yes I realize I could drop the price further, however the price point is appealing but the bedroom size is not. Property is a 3/1 SFR in Harford county MD, 1000 sq feet. Turn-offs based on feedback is the bedrooms are all too small and can only fit queen beds with limited bedroom furniture. Also some of them mentioned the neighborhood is not their favorite: next door neighbor doesnt take care of their house appearance. Bathroom and kitchen are fully renovated and brand new grey exterior siding and windows. recently improved curb appeal with some mulching. MLS photos show some staging and look good, but we're approaching 90 DOM without any bites. I currently own the house free and clear. current price, which is already been lowered a couple of times represents about a 1-2k profit after all holding costs, rehab, acquisition. if I drop another 5k, it will be $3k loss. I'm leaning toward continuing to drop the price and get rid of it but worried that price won't be the solution. Is there a way I can toss in limited seller finance or other creative items like lease option to improve the appeal and get more interest? Thanks for your thoughts...

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