SFR or possible Live-In Flip short sale conundrum
I am looking at some insight on why a property in my local area is not selling.
Here are the basics:
Listed at $99,900 3 bed/ 2 bath 1,418 Sq/Ft. Listed for 80+ days
Description says "property is subject to short sale"
Location is great, Just a short walk from a major bike trail, a touristy downtown, and some Lake Michigan Parks.
All other homes value at around 200K+ in the same neighborhood ( per Zillow, I understand this is not an accurate number to put money on) even those that do not look in the best condition (there is some prior sale history on some of the houses).
Haven't had a chance to tour due to COVID but from the pictures it appears it primarily needs cosmetic work. I am new to Real estate but I feel like even if you spent 30K plus on rehab, and after closing costs and all other fixed fees, I feel like you still come out ahead property value wise/ renting.
So the question is why would a house like this sit on the market for so long with how fast houses have been selling? Does it have to do with the short sale and all the headaches/ red tape that comes with it? Or is it a sign that there is a bigger issue somewhere that an experienced buyer saw that rendered the property not worth it? Possibly have to bring all cash to the table/not able to do FHA loan?
Any information would be helpful. I feel like I am missing something but I am not sure what it is.