Move to new PM? Sell? Looking for advice on Memphis SFH rental
I am an out of state investor I have a SFH rental I purchased 5 years ago from a large, turn key operator, who has continued to PM the property, located in Memphis within the 38118 area code. It was renting for $1495, up until tenant move out in July, purchased for $160k in 2021, 4 beds, 2.5 baths
I've worked hard to keep tabs on the property, keeping it up and communicating with PMs. However, my first turnover is happening and the PM has quoted me over $10 of work (including 15% fee). While I know I am probably getting marked up, the house has significant wear and tear, despite the team doing an inspection in February (with some issues never really addressed). I've never taken a dollar out of the property, but now all that savings is going right back into the property, and I am weighing my options as it seems if that will happen with most turns, this process is not worth my time
1) Complete the work, move on the a new PM. I've reached out and I am asking specific questions of each
2) List and sell. Zillow says $166 estimate. An investor in the area has told me I'd get much less. To break even, meaning get back my down payment and closing costs and pay of mortgage, I'd need to sell with a formal listing for $170k (assuming 10% closing costs) or $152 cash
This has been my first SFH as an out of state investor, and other than building my own team, I've been pretty on top of things compared to most, so I feel like this is a real gut punch. I work in health care and cannot sneak away during work hours to do emails, communicate with PMs, or other forms of management, which makes it a bit harder
Would appreciate any insights