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Updated almost 5 years ago on . Most recent reply

User Stats

48
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8
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Richard Mercado
  • South Pasadena, CA
8
Votes |
48
Posts

Should I pull my Duplex off the Market in Durham - Covid-19 issue

Richard Mercado
  • South Pasadena, CA
Posted

I have a duplex in East Durham, NC that is currently listed on the MLS and the Tenant has requested no showings due to COVID-19. My agent says this is a "Showstopper" on getting the property sold. Should I trust him and pull the property off the market (or find a new agent?) He's taken photos of the units but there is no virtual representation (3D or otherwise). I am a rookie investor from CA and could use some guidance from the BP community on how to move forward. This was the first of five properties I have purchased in that area since December and by far it has had the most challenges. A few details about the property.

  • I purchased for $136K in December, 2019
  • Appraised for $165K
  • Property is in a flood zone (Flood Insurance is approx $105/mo)
  • I have a traditional loan of $100K on the property at 4.5% (Mortgage is $840/mo)
  • Unit A: I put $15K into rehab (Window units No HVAC)
  • Unit B: was rehabbed when I purchased it (Window Units No HVAC)
  • Combined Rents are $1300
  • I have a property manager at 10% (I live in CA)
  • Property is currently listed for $159,900 on the MLS

I appreciate your input.

  • Richard Mercado
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