Hi Randall-Congratulations on buying a rental property well back in 2020.I am sorry to hear the property is now cashflow negative $200 a month.Your question is should you sell or continue to keep it with the negative cashflow.Depends on your personal goals and if being negative $200 a month plus any unexpected repairs or vacancies is affordable to you, but if you can solve the negative cashflow by turning the property into a furnished mid-term rental, for example, your future self may thank you.To Your Success!

Hi, Jaycee The deal makes sense for me after accounting for all expenses including vacancy, cap ex, and repairs.

A turnkey property is already renovated and ready to rent, so you don’t have to worry about repairs and can start earning right away.

I learned this the hard way personally and had to get mine repaired.

Hey Peter, thanks for the comment and the insight and you are absolutely correct about knowing what sells in your market, I see this happen with a lot of fix and flip projects that are just in the wrong areas, the investor gets the house for a good price however spends too much on repairs and adds a lot of luxury thinking that it will push the ARV significantly higher than the average in the area.

Cash invested: $80,000 Acquired this property Sub-to as a quick flip with minimal repairs required.

Why mention the tenant will be responsible for appliance repair above ordinary wear-and-tear?

Why someone willingly wants to work with a government agency that will slow down turnover, dictate rents and rent increases, and dictate repairs is beyond me. 

Lastly is your listing details; they read with all the story telling and excitement of a furnace repair manual. 

Start by thoroughly evaluating leads for profitability, calculating ARV (After Repair Value) based on comparable properties sold in the area within the past six months.