Property in bad neighbor

[Van Lam]

Hi, I just bought my commercial multifamily in Gainesville in D Neighborhood but It was cash flow day one, I was super excited to go in there and do some brrr. After I did some rehabs on my unit, I listed on Zillow for 1 week but no contacts. Start worrying a little bit. What should I do to get more contacts? (It was 1 miles away from where, I consider as bad area). Thanks

[Van Lam]

Quote from @Adam Bartomeo:

We are in a very difficult rental market. To put something on for a week and start to worry shows that you may not know the market very well. It is taking 1 - 2 months to find qualified tenants. 

The first step is to make sure that you are marketing the property properly and on all platforms. After that you need to question the rehab and pricing. I am definitely not confident in owner's abilities to determine proper pricing. The market is decreasing, and yesterday's rental prices are not today's rental prices. You will have to get ahead of the price drops as what you are seeing is a lag metric.

Yes, appreciate your opinion. I am working with property manager now to figure what should be the right price ?