Eviction already granted, waiting on the city. Underperforming asset!!

[Anthony Harris]

Ok i've got ALOT of issues (which i really need help on) but here's the main one.

Chronically underperforming property in north Philly (temple area). Currently, tenants have not been paying for MONTHS..since April for reference. Property still has a mortgage which obviously i am responsible for. Those no rent months have drained my capital SIGNIFICANTLY almost to zero. Tenants are unresponsive to my management company. They might respond every 9th time they reach out.

Eviction has already been filed, paid for & granted thru landlord/tenant court. The city apparently was on "pause" due to an assault of a sheriff doing an eviction. They're just now resuming. Everyone knows how ridiculously slow the city is with literally EVERYTHING. 

Obviously every day these tenants are costing me more & more money. Escrow has now gone up to where the rent BARELY even pays the mortgage IF THEY WERE PAYING. The water bill is in my name for obvious reasons & I still have to pay that. The city says at this point i am now just waiting my turn & they have no idea when that will be. As ridiculous of an answer that is that's literally what they've said word for word.

I've decided to sell this property & my realtor says comps were in the 200-220k range, however a few homes ON THE SAME BLOCK are now going for roughly 160 move in ready. Obviously mine isn't move in ready & i still have a nagging tenant issue although it could be gone at any minute. My property was purchased at 150ish in 2015.

With extremely low reserves & other properties i need to look after I am looking for some advice here. Selling will barely net me anything. Keeping with an increased mortgage will surely drag me under quickly.  All of this & didnt even mention the realtor got in the house & he says its like a warzone!

THOUGHTS? ASSISTANCE? GENERAL ADVICE? I am open to all!!

Thank you in advance

[Theresa Harris]

Even if you sold, I'd still get the PM to go after them with a collection agency.  60% of something is more than 100% of nothing.  You also want to make sure the eviction and collection go on their credit report.

If you have no means to get money to fix it, then sell it. Make sure your PM gives you 100% of the deposit and does not return it to the tenants.  Also I'm assuming if your PM isn't collecting rent, then they also aren't being paid.