Why is my Flip NOT selling

[Michael Williams]

Hey BiggerPockets fam, I'm relatively new to investing (mostly done a couple small rehabs so far), and I could really use some advice from you seasoned Memphis folks or anyone who's dealt with slow-moving properties in similar markets.

I just finished a full gut rehab on a 2 bed / 1 bath single-family house in 38106 (South Memphis area) – everything's brand new: electrical, plumbing, HVAC, kitchen, bath, flooring, paint, roof, you name it. It's completely turnkey, no work needed for a tenant or quick flip. The listing is here if you want to check photos/details: Listed on Zillow

I thought the reno quality was strong and priced it starting around $120k back in October, but it's been sitting for about 5 months now with basically zero traction. I dropped the price step by step ($112k → $103k → even tried $85,798 with "bidding" to spark interest), but nothing stuck. Recently bumped it back to around $98,789 hoping that feels more realistic. From what I've seen, fully renovated 2/1s in 38106 have been selling in the $90k–$120k range recently, though the overall median sold prices in the zip seem lower (around $60k–$85k for all homes, with some nicer ones hitting higher). Rental potential looks decent too – comps suggest $900–$1,100/mo for similar 2 beds, which could make for solid cashflow if held. But clearly something's off since it's not moving. Market softened a bit? Pricing still too high? Staging/photos not popping? Location quirks in that pocket of 38106? Or just bad timing? What would you do next to get this sold?

• * Drop price more aggressively (to what ballpark)?
• * Pull it off market and try wholesaling/off-market to investors?
• * Change listing strategy (better photos, virtual tour, open house)?
• * Market it differently (e.g., emphasize Section 8, cash buyers, or as a rental play)?
• * Any other creative ideas to create buzz without just slashing price?

Appreciate any real talk or lessons learned from similar situations in Memphis or low-price-point areas. Trying to avoid holding costs eating into profits while I figure this out. There is a Mechanics lien for $8,000 because I wanted to make sure it had a new HVAC system to sell quicker but I will pay that.  

Thanks in advance!

[Henry Lazerow]

I see bars on windows of homes, probably not many qualified buyers want to live in an area like that regardless of price? Throw in a sec 8 tenant and call it a day, next time do not flip in areas that cheap as its cheap because no real demand. A house in a area with buyer demand should never be anywhere even close to $100k. Also just from a general list agent perspective any time a house sits more then 3 weeks buyers view it as tainted. You want price right upfront so sells in first week or you always will end up with problems. This can be solved by pulling it off market for atleast 2+ months and then relisting as new, if buyers ask can say did some updates or work to it etc.