Need advise on selling or holding
Would appreciate advice. We own an investment property in Ohio. It's a duplex purchased for $45k last December. Rehab took way longer than expected and went WAY above budget. We're now all-in for $160k. Had it appraised a few weeks ago and it came back at $133k. The comps pulled were truly not fair (over a year old for two, several miles away in a very different part of the city, etc.). We asked another appraiser that we know to take a look and he said the comps were incorrectly chosen, in his opinion, and he found comps that were more recent and closer. In his opinion, it should have been appraised at least around $150k. At this point, even if it appraises at $150k (if we try again with another bank), we'll be leaving a good chunk of money in the deal. Our other option is to try to sell off-market for around $150k - $160k. This will be a cash-flowing property for sure. We own several other duplexes in same area and are getting $1800+ in rent each month. And this will be a fully renovated property, just one block from a major hospital. The thought of having to leave so much money stuck in this deal is what is keeping me up at night... but the thought of losing up to $20k if we sell isn't exciting either. This experience has been so stressful that I'm ready to hang it up with real estate investing altogether! Just curious what any of you would do if you were in my shoes.