Is The Market For Rentals Slow?

Question

Hello! I’ve followed Biggerpockets for a long time and used what I learned to invest in my first cash-flowing rental. Now that we have a baby on the way, I’m very motivated to sell this cash cow. I’m feeling stuck because the property has been sitting vacant on the market now for 3 months with only recent showings booked. Anyone have any thoughts? Am I the only one in this kind of slump? Thanks!

https://www.zillow.com/homedetails/625-E-Kentucky-St-Louisvi...

Chuck B. · Answer

I think the inside looks nice! Price doesn't look awfully high.

A couple of possible issues making the sale harder... it's directly across from all that multi-family and it can get a little spicy there, people turning the sidewalk into a little block party, out on the sidewalk a lot, etc.

It's also a small unit, so I'm guessing one of the bedrooms is a "pass through"? If so, those always take longer to sell (and sell for less) than one with fully distinct bedrooms.

Lee Penn · Answer

Hello Chris, thanks for replying. No offense taken—we bought it as a rental and as-is have never had trouble finding tenants willing the pay the highest rates for the market. It’s near a trendy part of Louisville and two major training hospitals. Our rehab was minimal, but I see your point. Chalk it up to being a first-timer.

Just curious, what would you (or anyone who wants to chime in) price it at to sell as-is? The zestimate and such similar metrics price it at $170K, but I’m pretty motivated to sell.

Chris Seveney · Answer

Do not take this personal but the photos online make the rehab look like a hack job. Painted walls are flashing and see the seems in some locations. The tile in the bathroom looks like first timer did it.

Also why are the outlets in the baseboard?