Why don't these properties sell?

[Carl Schmitt]

I've been reading through the deal analysis board and feel like I've come half way decent at deciding if a property makes sense. What I can't figure out is why so many properties in my market aren't selling. One thing I know is that it's a small area (~60k people) with not too many people moving to or away from. The county also has its own MLS separate from the rest of the state which limits "outsiders" from seeing what's going on. Here's a few properties for sale that have all been on the market 150+ days.

1. Property needs updating, all cosmetics. Landlord pays heat, tenants pay electric. It's a 4 family with all 2 beds that rent for 600. Taxes are 1412 a year. They're asking 59,900. Even if you go to 55% expenses due to the utilities being included, NOI of 12,960. At a 15 cap, you're at 86,400 less upfront expenses. Even if it takes 20k to update it, you're at 66,400 and they're asking 59.

2. I have been in this property before and the owner has taken very good care of it. It's a 6 family with gross rents of 4120. Tenants pay all utilities and taxes are 1833. 50% rule says NOI is 24,720. At the same 15 cap, you're at 164,800. He's asking 139k.

The town these two are in is not the greatest. Certainly not war zones, just low income areas. You would never buy in this town based on appreciation. Average property in my market sells at 86% of list.

So my question, why are these properties just sitting? Am I missing something?