Exit strategy for 2nd property
I bought my second rental, one county over in Knoxville TN. It was for $65K. I was going to BRRR it. It needed all the main systems replaced Electric Plumbing and HVAC. I had the inspection done, and the house was sound, but needed updating and would rent for $900 once done. My contractors don't want to work in Knoxville because the permit process is very difficult and over the top. i.e. my structural engineer says they require double the national standard on some of his items. So I've decided to get out of Knoxville. Clean the property up make it pretty and through it back on the market. I have 5 contractors I've worked with and none want to work in Knoxville. I ran my numbers and the ARV is $129K had my agent run them and she came up with the same thing. My question: Is this the best strategy given the situation?