However ...We have been aggressive with price reductions to keep people in.

This gives you up to 25% reduction on your taxable value but not more than the prior value. 

What is the principal reduction every month?

Everybody is experience a reduction in STR rents across the board. 

So, 5% reduction is LESS than letting it sit vacant!

Hi Tim,I am a realtor in the Cleveland market and anytime one of my listings doesn't sell I recommend a $5,000 price reduction every 2 weeks until the property sells.In your case, you might want to reduce it a little bit more because you want to sell before winter. 

Prior to the tenants moving in I had a modified risk reduction completed and the house passed the lead inspection. 

Concessions: Ask sellers to cover closing costs, repairs, or provide price reductions.

Maybe you can negotiate some concessions or a price reduction since the market is slow.

We have been marketing to expired listings and contacting listing agents who's listings have been sitting on the market for months with price reduction after price reduction.