Drowning in Inherited Rentals

[Ashley N Tauriac]

I am new to rental properties and inherited 4 small single-bed rental homes in 2021 when my dad passed away. They've all being rented for the last 10 years or so with no increases to rent. They're all in a small town where property values and sales are way down as people are moving out to find jobs. Given the mortgage on the properties, during 2022, I was $1500 negative on the business. Increasing rents by $200-$300 would obviously cost me the renters and I might not be able to replace them. In addition, my dad could easily do renovations himself, but I live 13hrs away and do not have this expertise, and every property needs 2-3 major updates like roofing, fencing, or foundation repairs that I can't even get quotes on since evidently no one wants to work anymore. 

I have thought about selling them, but real estate agents have mentioned this would be difficult, so I feel like this would net nothing between the taxes and mortgages. I have thought about 1031, but since these properties are all worth less than $100,000 and I live in Nashville, I will not be able to find a property nearby at that amount. Looking for any kind of suggestions or advice, since I don't see any great options at this point. Thanks!

[Dave Foster]

@Ashley N Tauriac, When your father passed away those properties were re-valued as of the date of his death.  You inherited them as if you paid that amount.  If property values have been going down in that town it is highly likely that you would little or no taxes if you decided to sell.