Hurdles selling my first flip
Background: My wife and I bought our first fixer upper in December 2019 for $39K with the help of hard money. The "subject-to-completion" appraisal came back at $158K. The original rehab budget was $85K. The rehab was successfully completed end of March 2020 for $89K. We listed the house for 180K, assuming we would get low-ball offers, which we could later accept for a CoC return of 29%-81%.
Hurdle: In the midst of the COVID-19 pandemic, the house has been on the market for over 25 days with maybe 6 showings and no offers. My realtor is asking me if I would like to lower the price, without a good idea of what price would help during this time. Every month I hold the property, I owe the hard money lender $1K, which eats into our profits. If we try to rent the property instead, the leasing comps we pulled estimate a monthly deficit of $250.
Any tips for this situation?