For Rent or For Sale or both?

[Ingrid B.]

We bought a property in June 2017 this year for a reasonable price with the intention to flip it. We did not go cheap on the house, and we got a lot of compliments on how nice the house is from people who came during open houses. It's practically a brand new house inside. My spouse and I have been in the rental business since 2009. The flip project would be the first though starting with this house. 

To save commission cost with the intention of potentially selling other rentals we own, I just recently activated my license to become an RE agent. On Aug 20th I listed the house in the MLS but haven't got any offer yet. I have brought the price 15K lowered than the original listing price. When I listed it originally I had it on par with other comps in the area. But during the past month I have seen many other homes drop in prices and they went under contract soon after. Some of the comments people have said is the house is next to a busy street. The drive way is on a small street and there isn't much of noise issue when all windows/doors are closed (triple windows, insulation helped). We are in Salt Lake City and homes in Sugar House area usually sell quick as inventory is low and it's a desirable area. The only thing is as we are heading to winter, home sales will be slower and it usually picks up again in the Spring time.

I am trying to post the for rent in Zillow and I think it contradicts the fact that the house is also for sale in the MLS. I can drop the sale price a little bit more, but at one point I might as well wait until Spring rather than loosing money on the deal. If I rent it out I am worried that (1) I loose tenants who want 1 yr lease and don't want to stay in a short term rental (2) the house won't look the same as it's now (it's literally a brand new remodel). I felt like we made the wrong investment with this Property. The lessons learned is for us to not overspend on nice remodel, we could have spent less and hold it for rental investment and sell it in a couple years instead of flipping it now.

My question is: Should I keep both for sale and for rent listing, drop more on the sales price, or do one but not the other? Lack of marketing? For example, my broker does not want to work with Zillow, and the MLS here does not auto feed to Zillow. For a few weeks I had the house listed in Zillow as owner agent but it's now has changed to for rent. The MLS is still there, but I am worried that alone is not enough. What would you suggest if you were in this situation? Thank you.