General Landlording & Rental Properties
Market News & Data
General Info
Real Estate Strategies
Short-Term & Vacation Rental Discussions
presented by
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Tax, SDIRAs & Cost Segregation
presented by
1031 Exchanges
presented by
Real Estate Classifieds
Reviews & Feedback
Updated over 2 years ago,
What do I do? Held only 6 months. Over 18k repairs. I expect more
I have a duplex purchased in April 2022 that has cost me over 18k repairs so far. An inherited tenant has been in eviction since May. I am still having crawlspace issues that keeps getting flooded every time it rains because water gets in through the soil from the water table. Encapsulation will cost me 15-20k easily. One side is rented so I am negative each month about $100. Once eviction is done, I will need to spend about 10-15k to get the unit rented based on current conditions. This has been the worst property in my portfolio and I am wondering if I should just take a loss on this one. If I sell this at a loss, will I owe any short-term tax?
Would love advice from anyone who has been in similar scenario.