Need your thoughts on my situation

[Tim L.]

- 2023, I got excited to househack and run my first Airbnb so I bought this duplex (main house and back unit) in an older part of Palm Beach County Florida (Lake Worth if you know the area) towards end of 2023. Old 1940 original construction, has been kept up pretty well but lots of aging and deferred maintenance with the property. 

- Long story trying not to be too long. I was too excited and naive and overlooked deferred maintenance and didn't do proper scrutiny and negotiation and now I am exhausted from all the projects and constant upkeep/cost of repairs. I have had buyer's remorse basically the entire 2 1/2 years owning the property, but wanted to delay gratification and slug it out. 

-I changed to long-term rental which has helped on the landlord side but it's hard to focus on my work and manage my life responsibilities with constantly maintaining this old house and hiring and paying handymen and contractors, landlord issues that come up, etc. On top of not enjoying the area and wanting to move back to the area I lived at left and want to move back (about 50 mins south of me). Completely burnt out. 

-Numbers: I bought it for $451k after some negotiation. Because of only 2.5 years in and FHA low down payment, my equity is limited. My breakeven with outstanding mortgage, closing costs and 5% commissions is $482k.

-Currently listed $480k (after 3 price cuts) I have been listed for over 160 DOM days on market. I get LOTS of showings but no offers, the showings they just look at my property quickly among the many houses for sale (as we know it's a buyers market especially in South Florida). Feedback is basically "cute property but we are also looking at other houses" (largest feedback is some slope/settling floors scare some away although I've had Foundation checked, or some don't like the neighborhood or this or that). 

Do I just keep lowering price? 

Do I pull off the market and try again next year since I've been listed over 160 DOM? 

Do I need to do more full renovation type projects (it's in good condition in general, just old historic house so I've always been told by agents that "people realize it's and older property, historic charm, and do not focus on any further large repairs". 

Do I just need to wait and it's just a matter of the market is too slow moving and wait 2-4 years (no one knows future) until the next seller's market?

Thanks in advance. 
Happy to clarify anything, wanted to give detail without too big of a text wall. 

[Patience Ackah]

You’re not alone in this. A lot of people jump into house hacking focused on the upside and only discover the operational weight later.

From what you described, it doesn’t sound like a pricing issue alone. The feedback you’re getting (foundation concerns, neighborhood hesitation, older construction) creates perceived risk for buyers  and in a buyer’s market, that risk gets amplified.

At 160+ days on market, it’s less about waiting and more about repositioning the deal.

A few thoughts:

• If showings are high but no offers, the market is telling you something beyond price
• Buyers today want “certainty,” especially with older properties
• Even small concerns (like floor slope) can kill deals unless proactively addressed or clearly documented

You might get more traction by either:

1. Leaning into investor buyers who are comfortable with older assets
2. Or repositioning with very clear disclosures + possibly credits instead of further price cuts

Also worth asking… is your current listing speaking to the right buyer, or just the general market?

Curious what your agent is recommending at this point are they suggesting a reposition or just continued price reductions?