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Updated 5 minutes ago on . Most recent reply

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Justin Cobb
  • Greenville, NC
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What would make my rental property more attractive to investors?

Justin Cobb
  • Greenville, NC
Posted

What other features should I highlight to make my rental property that's for sale more attractive to investors? The property has been a good rental for me, but I need capital to do other house flips. The property is old—about 113 years old, but has a good roof and a new HVAC. I think it's priced well, but it's not selling as fast as I would expect. It would still cash flow $300-$500 a month based on a 30yr mortgage ant current sale price and at current market rent. It also has ADU potential with about 1000 sq ft unfinished upstairs. What am I missing? Why aren't investors rushing to buy the property? Any feedback would be appreciated. Thanks.

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10,051
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Drew Sygit
#2 All Forums Contributor
  • Property Manager
  • Royal Oak, MI
6,895
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Drew Sygit
#2 All Forums Contributor
  • Property Manager
  • Royal Oak, MI
Replied

@Justin Cobb looks pretty nice, but observations:

1) Kitchen countertop color doesn't go with the rest of the kitchen or the house at all.  

2) Why is there a wardrobe next to one of the fireplaces? Is there no closet in a room you are trying to make a bedroom?

3) The ad isn't appealing to investors at all, except what you got for rent in the past. 
- Use the BP Rental Purchase Calculator or something similar, and have agent attach to listing and mention in the Remarks.

4) Agree with @Rick Albert, why sell at a discount to an investor?
- Target owner-occupants!

5) Zillow states only on the market for 29 days. 
- NOT long in today's market, especially heading into winter months - slowest time of the year!

This one is cheaper than yours and has been on the market 59 days
https://www.zillow.com/homedetails/506-Kenan-St-W-Wilson-NC-...

This one on the market for 201 days!
https://www.zillow.com/homedetails/703-Broad-St-W-Wilson-NC-...

You seem to be pretty new at this given you aren't aware of the market conditions. Suggest you do some of your own market research before you take the next inevitable step of blaming your agent.

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Logical Property Management
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