Sacramento Investment property: Should I sell it or rent it out?

[Charles Wang]

Hi Bigger pockets! I have a 4 Bed /2 Bath 1600sqft single family investment property in Sacramento, Ca. It is currently being listed for $369,900 with a top agent in the region. Note: I’ve already reduced my price 3 times since it went on the market. It’s been on the market for almost 60 days now with no offers. The market seems really slow right now. I rented it out to a nice family before and when they moved out I decided to sell it. The reason I’m selling is because it has too many maintenance issues. It’s a beautiful charming house built in the 1950s but it is old and has a swimming pool in the backyard. The 4th bedroom is a garage conversion and not having a garage has turned some buyers away. I don’t know what I should do right now. I want to sell it as the maintenance on the house is cutting into my cash flow almost every month, but no one has made any offers yet. It’s already December and the market is super slow right now. I’m starting to lose hope. Here are a few options I came up with, if anyone else has more options/advice please let me know. 1. Keep it listed and risk having to pay the mortgage myself for unknown amount of months 2. Do a short term rental (~2-3months) and re-list in the spring 3. Keep the house and just rent it out to long term tenants. In this scenario, I was thinking of getting rid of the pool. But some ppl have told me a pool in Sacramento is a selling point. Any advice is welcome. Thank you very much !

[Gordon Cuffe]

@Charles WangYour agent priced it too high for the condition that it is in. It is tough for anybody to give advice because you havnt mentioned what you will  be doing with the sales proceeds. You havnt said if or how much you will be paying in capital gains taxes. Dont waste your time and money getting rid of the pool. The house will sell if it priced correctly. You will have to decide if your willing to accept a lower price because in order to sell it you will have to lower the price. It is that simple.