A flip that hasn't sold question...

[Micah Shelton]

A flip that hasn't sold question...I have a 4 bed 2 bath home that we fully renovated. We lowered the price 10K and have had great showings. All feedback has been positive and no one balked at the price. The issue seems to be that as a corner lot it has no back yard, just a large side yard...should we privatize the side yard with fencing and add a deck (roughly $3k) or lower the price again? We are approaching the 6 month mark on our hard money and will receive a $2k fee as well as a march payment. As it stands we are flirting with breaking even either way we go due to length of project and reno overages.

any thoughts would be much appreciated

[Charlie MacPherson]

@Micah Shelton What are the market conditions there?  Average DOM?  Months supply?

If your market is as hot as ours (Avg DOM 61 days, 2.2 months supply), I'd expect it to sell.

I don't think it needs the minor tweaks of shrubbery or new colors.  The rehab looks good in the photos.  I don't see anything that's a detraction.

10602 SE Insley St is a competitor, priced at $344,950 vs yours at $389,000.  Both are 4/2 and you have about 80 sq ft more.    It has a somewhat larger lot, but hasn't been rehabbed.  

I don't have access to your "solds", so I can't run comps.  I trust your Realtor has.  Is there anything in the area that's a detraction? Air strips, gun clubs, train tracks, flood zones, highway noise, etc?

I ran the address through a Realtor tool called RPR.  It's an automated value, but it's one of the better ones out there.  Certainly a lot better than Zillow.  RPR puts the current market value WITHOUT the rehab at $381,640.

From what I can see, it appears to be priced right and maybe low.

That suggests that there's either something holding it back that I can't see from 3,000 miles away, or that there's something lacking in the marketing plan.  

I'd drill down with your Realtor and find out exactly what he's doing to market the property.