We are looking for a tenant/buyer and would love to see what you guys think before listing it on MLS with a flat rate.

I've had a friend work with a local Realtor here in the Phoenix area who charged a flat $400 fee to list the property on MLS. 

Main electrical panel has also been replaced along with the outside meter panel and disconnect. 

They uploaded pictures recently and the house needs serious cosmetic help - nasty carpet, floors, Dark paneling, dark cabinets, over grown yards, dead trees, etc.We've been asking the listing agent about it and she said they're getting bids for repair work.

Although, it may be beneficial to hire an agent on a reduced flat fee basis to push the paper.  

Some providers offer flat-fees per property instead of a tiered fee schedule based on value.

Marie Poe was on my panel, as a matter of fact.

If values stay flat, you still have a house worth $92K with an $88K balance in 2 years. 

A panel upgrade is also likely to be required. 

I believe "Subject To's" are illegal in Canada, or banks just flat out don't permit them.