Can't Get a Property Sold

[Jason A.]

Hello everyone,

I have a property in Indianapolis that I bought a year ago that I'm trying to sell conventionally but it has been on the market for 3 months with only one serious offer. Any ideas on how I can sell this property? Of course I can dramatically cut the price and sell it fast but I'd rather sell it for what I bought it for at least. Any advice is appreciated.

Regards,
 

[Joe P.]

Hey @Jason A....no offense, but those pictures are terrible. And is your realtor 15 years old? Hashtags everywhere?

The house needs a ton of work. And with a duplex that needs work, you're marketing to investors, so they're going to want ARV "meat-on-the bone" to take your fixer upper. I saw a nearby comp (only one property, who knows if its truly a comp) selling for 109k, so if someone takes this from you for 59k, there isn't a ton of room there for rehab and refinance.

What could a rehabbed 1 BR/1 BA unit fetch in this rental market? If you could bring up the units with an influx of cash and rent them out, what would be a better option for you?

Without knowing much about the areas/rents, it seems like a better deal in your pocket unless the property has serious issues?