Fix and Flip - Need advice keep or sell

[Scott Russell]

Purchased the house with cash (3bd/2bth). The renovation cost was half personal money other half HELOC from other rental. The carry over cost with utilities and HELOC interest payments is about 1k a month. I still have a pretty good amount of reserved cash in the HELOC.

House located in transitional neighborhood. It's a growing area with lots of potential within 3-5 years. Its the first house in the neighborhood to be fixed up by far. We've had a lot of interest in purchasing but people can't get over the neighborhood. They see the potential but not willing to move into a neighborhood with the current status. I have dropped the price over the past few months by 8% and standing still now. I've owned the property for about 7 months. 

1) I can drop the price another 13% and break even. 

2) Drop the price 1-2% thought-out the next few months and hold until it sells? I can pay carry cost for a few months... 

3) I considered renting and Pulling 100% of my cash out and paying off the HELOC... the rental income would not cover the mortgage payment. I could leave some cash in it? DSCR Loan?

4) Risk short term rental... Some of the houses do great in the area and some do not. 

5) Any other advice? 

[Scott Russell]

Update: 
While I was in the process of doing a cash out refi on the property to rent it I lowered the price by another 5%. Within 24hrs hours I had 4 offers??? The house went into a bidding war and went for 14k above asking price! Maybe I read the area wrong when listening it? Overall I had to drop the price by 50k to get it noticed... 

I'm still learning a lot with fix and flips and using your own cash reserves. Maybe ill take a look at "fix and flip" loans or other means of getting the funds to buy a property.