Should I make my Long-Term 3/1 a Medium-Term rental instead??

[Matthijs Pol]

Hey everyone first of all thanks for always responding to my questions! Very helpful.

I have a Long-Term 3 bedroom 1 bath rental in Northaven just north of Memphis. It's a nice little neighborhood and the house is clean and has a decent size fenced backyard. At the moment I am in the middle of evicting my long-term renter because she hasn't paid in two months. I bought the house with the renter in it and that was my first mistake. The management company I use says the rent is way too high for the area, but after all expenses and savings, I was making $250 a month in profit. 

I have a condo in Memphis that I have as a Medium-Term rental and it does very well. So I wanted to make my 3/1 single family into a Medium-Term rental. It's about 16 minutes from the medical district in Memphis but I know Health professionals probably don't want to share a bathroom. I plan to focus more on insurance companies instead of Health Professionals. But anyone that wants to stay is fine with me haha. 

What are your thoughts on this? I don't want to fully furnish it and then not get it rented out. 

Thanks!

[Ron Brady]

Quote from @Nicole Heasley Beitenman:

Quote from @Ron Brady:

Quote from @Zeona McIntyre:

@Ron Brady I'm so sorry to hear of your long vacancy! I wonder if your listings need some tweaking, if you are not on the right websites, etc. I am happy to do a consultation with you if you want to try to save it before ditching it. I also can recommend an excellent property manager if you want someone else to give it a shot. 

Thank you for the offer!! I DMed you!

 Zeona and Ron, I would love it if you returned to BP after your conversation and created a post about what you discuss and what the next steps are!

Update:

Zeona and I connected but decided to delay potentially working together.

We kept at our marketing efforts on this property and have now had a 3-month insurance placement that may be extended.  We also had robust demand for another of our area MTRs. Thus, our take on this property, we think, is what we experienced a slow demand period. We'll continue to monitor it over the next several months to determine if this is a long-term winner or not for us.