Am I greedy/emotional seller? Revenue=185k Expenses=100K

[Andres Rossini]

I have been trying to sell the property my wife and I built (1 main house, 5 tiny homes, goat farm/glamping experience). But it's not selling, even while we offer seller financing. Is our price point too high? I would love some honest feedback to see if I am way off asking over a million for this property. 3 years since we started, every year gets better and 2024 was the first year with all units opened. $185k revenue. $100k expenses. No PM, we manage at a distance with a solid cleaner and handyman. I want to get it sold someday. Thank you in advance

https://www.zillow.com/homedetails/1541-Lower-English-Creek-...

[Ryan Moyer]

Two factors at play here.

1) STRs generally appraise as residential homes, not as businesses based on multiples. In STR common markets like Gatlinburg this naturally adjusts itself as most homes are STRs so the entire market lifts to meet their cap rates, and they appraise on those cap rates in spirit, even if not technically. You don't have that action here so are left as an outlier, way above appraised value. Even if offering owner financing it's still tough for someone to risk $1M on a property that appraises for a small fraction of that.

With multiple units, maybe you could look at a commercial sale?  I'm not super familiar with the commercial side of things, are there commercial appraisals that can be done on multi-unit properties?

2) You net $85k....but since you bought in 1994 I assume that's with no mortage.  That $85k cash flow pretty quickly becomes $0 once you add a $1M mortgage to it at current rates.  So what's the incentive of the buyer to spend $200k+ cash just to break even on a property that is in a market with limited to no chance of appreciation?