Which option would you choose?

[Jane S.]

One of my properties, the best cash flowing SFR, has been vacant for 2 months. I've never experienced this huge of a lack of qualified applicants. I've started a no animals policy because the dog & human damage from the last tenants was so costly to repair with high prices for all materials and labor.

People also have no idea what it means to “complete the rental application yourself”.

My rent is right in the middle of comp rentals although its the only one in its close area, a desirable C+ B- central location among similar houses, a tract built in mid-1960s.

It’s listed on at least 12 different sites, although Zillow is not delivering so I canceled that one.

Out of about 100 inquiries (93% own dogs) I’ve scheduled 4 showings. Two showed up, 2 ghosted. The one that paid for the screening “forgot” he had a $34,000+ unpaid child support order from the court and “selfemployed” with no checking account or IRS filings. Plus i’ve caught ALL of them lying. Especially about smoking. “Oh we would never smoke inside”  NEXT

Almost all have <600 credit scores.

My options:

Allow one dog. Adult, under 20 lbs, spayed, fixed, etc.  Not a service animal. Collect animal fee. Raise security deposit by $500 over the rent to partially pay for urine/feces/vomit restoration. Smell animal’s fur for traces of cig smoke.

Sell. (If i had done this in the first place i could have saved the cost of the remodel.) YAH but would have sold for much less to a flipper. If I sell I HAVE to shelter the cap gains. Anyone ever used a Delaware statutory trust to shelter? Any other non-REIT ideas?

Reduce the rent to just get a tenant in there. Babysit condition of property every 3 weeks and evict if I happened to choose a rat-for-life.

And here I was, proud of my deals. I have other lovely tenants. Just got in with a rotten lowlife.

Yah I know the proverb about pride. But, OTOH the property looks and is gorgeous.

Really appreciate the opportunity to share my ideas here!