Boulder Colorado Fip condo

[Erik L.]

I purchased a wholesale 1/1 condo in Boulder CO and did a good grade rehab, not high, not builder, but good. Boulder is not my usual flip comfort zone but recent comps were 5 days or less on market at 237K ish. It was a cash buy and I got a good deal on a lipstick flip. It's retailing as one of the cheapest in Boulder at 219k, dropped from 229k.Boulder is a place where a 2 bd condo could cost 800k and a 70s ranch $1MM+. So this is priced very low for the area.  

Location is very good and close to the CU campus. I put in on the market about 30 days ago and had maybe 6 showings. No offers, no negative feedback. Just the usual, "it's nice but we're still looking" type of response. My hypothesis is that the COVID thing sent students home and this type of property is not currently in demand by students, parents, etc. I believe spring time will bring a strong demand since the vaccine will be out and CU students will likely be going back to school. HOA and taxes are ultra low and there's really no other carrying costs.

I have a few options:

1. Leave it vacant for 3-5 months and listed. See where it goes. 

2. I've put ads out for short term (3 month or less) tenants, no pets, etc and have had strong response at 1250/mo. This would cover most refi costs if rented for a few months. There's some risk of damage to the unit but not really a concern. I've been a landlord since 2011, doesn't scare me but don't want it as a long term rental. I like lower end places as rentals.

3. Cash out refi and keep as long term. I'm not very interested in this.

4. Or, cash out refi put short term tenants in it and see what it looks like in spring. I would be OK with this since there's plenty of room in costs and I can put that refi money to work somewhere else. Also, it's downside protection in case I need to keep long term. I don't need the money to eat, but I hate having it sit there doing nothing. 

5. Sell wholetail to investor looking for portfolio at cost if the opportunity presents itself. I'd be OK with this win-win situation. 

Questions:
1. What would you do? 

2. Any investors in Boulder area have any opinion on this? 

3. Any good lenders you'd recommend for cash out refi on investment properties right now? 

Erik 

Thx