This is my first try and after a stressful rehab, I've been on the market for 68 days. It is priced at $290k, $13k below Zillow estimate. I've had multiple agents go through the house and run CMA's and they are coming up with $300k as the price. The interior looks nice and is updated. The main drawback of the house that I can see is the lawn. It is rototilled and shows just some dirt with grass seeds on it. But it doesn't look dirty - just not a full green lawn. It is going to take some time to grow.
We've had several open houses, many private showings, but not a single offer has come through. At this point, I can drop price some more but then I'd be erasing any little profit I have left, and potentially losing money. Another option is to convert it into a rental (BRRRR) which would just cover all the expenses including property management.
I've hired an agent to list the house (can't say he's been good). I have my own license but no experience as an agent. I do think I could do a better job selling than my current agent. So I was thinking I could convert it into a rental for a year, slightly pay down the principal with the rent money, hope the market stays on track where it is or even increases, and list it myself. With this strategy, I can also refinance and pull out about $30k cash and still cover all the expenses. With all that and eliminating the agent, I could walk away with a little bigger profit from the sale in a year's time.
What would the experienced investors here do?
