I believe only 74% of Agents sold a home in 2024.

Keep in mind that office is down right now and it could take an extended period to fill.Try to determine why it hasn't sold for 2.5 years.

Was sold above the asking price                   within days of listing.High ROI: Achieved a 50% return on investment due to low renovation costs and increased sale price.Investor PerspectiveRecognized the potential others overlooked by seeing beyond the property's initial appearance andm aximized profits by investing wisely in visible, impactful areas.

If you spend the entire $300k restoring the property, then here is the end result:- deductible casualty loss of $50k- no current tax- the restored property has $0 basis and cannot be depreciated- when it is later sold, the entire sale price is taxableMechanics and reporting are tricky, and I would not recommend to DIY it, especially since my scenario is over-simplified, and your real scenario is likely to involve more gotchas.Thanks so much. 

In my experience in MO, land bank properties are very low priced (these are generally properties/parcels that weren't sold at the tax auction), but they often have significant tax liens on them that must be cleared in addition to the "sale price" AND they require a significant amount of rehab in order for the properties to be inhabitable. 

And keep in mind; getting sold and getting informed are 2 very different things.

We sold to an attorney who provided a retail-cash offer and quick close, relocating to the area.

After staging, it was sold to a retail buyer for a strong profit, demonstrating the potential for significant returns by buying from motivated sellers, renovating strategically, and selling at retail.

The home was then sold for a profit, providing a strong return on investment.

This would allow you to indefinitely defer all of the tax if you sold, and use the tax you would have had to pay, to purchase something nicer in an area with a greater growth potential.