Keep on market, or rent out?

[Joseph Ryan]

I bought a house that was five miles from my work for 105,000. Then I got married. We moved to her house. I have had it on the market for over a year. It’s not in an area where people are moving to. There are no jobs in the area. I stopped trying to sell it and rented it for six months but the tenants kept being late on rent so now it’s back on the market. I get a lot of people calling about it and coming to view it but no one has made an offer yet. The mortgage is 650 per month. That is about the average rent in the area. I feel like I couldn’t find someone to rent it for more than like maybe 850 just guessing. Ideal would be 1,000. There is nothing wrong with the house. It’s nice. Has an awesome view. I just don’t know If I should turn it to a rental property or keep trying to sell it. I really just want it off my hands. Thanks.

[Abel Curiel]

Hey @Joseph Ryan,

I think your best bet would be to search online for comps using Zillow's "sold" tab and determine how much properties are actually selling for. I'd do the same for rentals.

You may come across few results and if that is in fact the case, I'd reach out to a local realtor who can provide you with sale and rental comps from MLS.

Having these numbers will give you the best option for your property.

You don't want want this to be vacant or on-the-market for much longer and nothing is going to happen until you have the right #'s to go off of.

Best of luck to you!

Abel