My previous boss and mentor had two studio apartments that were sitting vacant for a long time.

I do not let it sit on the sidelines.  

For the 10 year period spanning June 2014 through June 2024, single-family prices in Austin nearly doubled, yielding an annualized appreciation rate of ~9.3% in that period.A 30-year fixed rate mortgage is sitting around 6.85% interest.

They also don't factor in how long properties are sitting vacant at that price and also don't factor in how long tenants stay at that price.

The property was sitting on the market for about 30 days due to the condition, seasonality (it was December), and smaller size of the property (about 1300 sqft). 

But definitely keep it for 2 years - even if it meant sitting for a couple of months to avoid the capital gains! 

Everything worked out fine but even two plus years later the building still sits vacant and I'm not going to lie, it still stings looking at that thing! 

You don't want to overprice it and have it sit too long where it's stale in prospective buyers' eyes, but you don't want to give it away either.

I believe it was the pople in the house behind who would know when my place was sitting vacant for a while.

I also see lots of newer construction in COVID booming areas that are sitting on the market - UT, ID, AZ.