First Flip looking for advance on how to move forward
Member since 2025 · 4 posts · 1 vote
First Flip looking for advance on how to move forward
Most Popular Reply
Member since 2026 · 16 posts · 8 votes
3wFirst, I wouldn't panic after three weeks.
You actually did something I like when you bought the property: you went into the deal with two exit strategies—sell it or hold it as a rental. Now you need to determine which exit produces the better return rather than feeling like renting it means the flip failed.
You've got roughly:
Purchase: $76,500
Renovation: $68,000
Basis before carrying/selling costs: $144,500
Target ARV: $218,000
On paper, there's certainly room there. But the market doesn't care what our spreadsheet says the ARV should be.
So before dropping the price, I'd ask your agent a very specific question:
Are we getting showings but no offers, or are we not getting showings at all?
Those can indicate two different problems.
If you're getting plenty of showings and no offers, I'd be looking at price, condition and buyer feedback.
If you're getting very few showings, I'd look at price positioning, photos, marketing and how you're competing against everything else currently available.
And three weeks isn't necessarily a long time in Rome. Recent market data suggests homes there can take considerably longer than that to sell, so I wouldn't automatically conclude something is wrong simply because you haven't sold in 21 days.
But I also wouldn't become emotionally attached to the $218K ARV.
I'd have your agent pull the actual closed comparable sales, active competition and pending properties right now—not the comps you used when you originally underwrote the flip.
Then I'd run your second exit strategy just as seriously.
If $2,200 is a legitimate market rent for this particular house, determine what the property actually produces after:
Taxes
Insurance
Maintenance
Vacancy
Management
Capital expenditures
And the new mortgage payment.
Then get an actual quote on a DSCR loan.
DSCR financing can potentially allow you to refinance the property based primarily on the rental property's ability to support its debt rather than traditional personal-income underwriting.
But here's the number I'd really want to know:
How much of your original capital can you get back out while still leaving the property comfortably cash-flow positive?
If a DSCR refinance allows you to recover a meaningful amount of your capital, keep a good rental, and redeploy that money into the next deal, that may accomplish your original goal of scaling the portfolio even though you didn't sell the flip.
That's essentially the BRRRR strategy instead of the flip strategy.
I'd compare three scenarios on paper:
Sell around $218K: What do I actually net after commissions, closing costs, carrying costs and taxes?
Reduce the price: At what sale price does selling stop producing an attractive return?
Rent and refinance: How much capital can I recover, what will the property cash-flow, and what return am I earning on the equity I leave behind?
Then make the decision based on those numbers.
One caution: I'd verify that $2,200 rent very carefully. Don't make the hold decision because someone told you that's market rent. Get actual rental comps and see what comparable renovated 3-bedroom homes are really leasing for. If you want, you could give me the property address, and I can give you a market evaluation that will include both sales and rental market data.
Personally, I wouldn't pull it off the market tomorrow simply because it's been three weeks.
I'd establish a decision point with my agent—maybe another few weeks—while simultaneously getting the rental comps and DSCR refinance numbers together.
Then you're not waiting and hoping.
You're giving the flip exit a fair opportunity while getting Plan B completely ready to execute.
A good real-estate deal isn't necessarily one that follows the original plan. Sometimes it's one where you recognize which exit is producing the best return and change direction before the market makes the decision for you.
20 Replies
- Member since 2026 · 16 posts · 8 votes3w
First, I wouldn't panic after three weeks.
You actually did something I like when you bought the property: you went into the deal with two exit strategies—sell it or hold it as a rental. Now you need to determine which exit produces the better return rather than feeling like renting it means the flip failed.
You've got roughly:
Purchase: $76,500
Renovation: $68,000
Basis before carrying/selling costs: $144,500
Target ARV: $218,000On paper, there's certainly room there. But the market doesn't care what our spreadsheet says the ARV should be.
So before dropping the price, I'd ask your agent a very specific question:
Are we getting showings but no offers, or are we not getting showings at all?
Those can indicate two different problems.
If you're getting plenty of showings and no offers, I'd be looking at price, condition and buyer feedback.
If you're getting very few showings, I'd look at price positioning, photos, marketing and how you're competing against everything else currently available.
And three weeks isn't necessarily a long time in Rome. Recent market data suggests homes there can take considerably longer than that to sell, so I wouldn't automatically conclude something is wrong simply because you haven't sold in 21 days.
But I also wouldn't become emotionally attached to the $218K ARV.
I'd have your agent pull the actual closed comparable sales, active competition and pending properties right now—not the comps you used when you originally underwrote the flip.
Then I'd run your second exit strategy just as seriously.
If $2,200 is a legitimate market rent for this particular house, determine what the property actually produces after:
Taxes
Insurance
Maintenance
Vacancy
Management
Capital expenditures
And the new mortgage payment.Then get an actual quote on a DSCR loan.
DSCR financing can potentially allow you to refinance the property based primarily on the rental property's ability to support its debt rather than traditional personal-income underwriting.
But here's the number I'd really want to know:
How much of your original capital can you get back out while still leaving the property comfortably cash-flow positive?
If a DSCR refinance allows you to recover a meaningful amount of your capital, keep a good rental, and redeploy that money into the next deal, that may accomplish your original goal of scaling the portfolio even though you didn't sell the flip.
That's essentially the BRRRR strategy instead of the flip strategy.
I'd compare three scenarios on paper:
Sell around $218K: What do I actually net after commissions, closing costs, carrying costs and taxes?
Reduce the price: At what sale price does selling stop producing an attractive return?
Rent and refinance: How much capital can I recover, what will the property cash-flow, and what return am I earning on the equity I leave behind?
Then make the decision based on those numbers.
One caution: I'd verify that $2,200 rent very carefully. Don't make the hold decision because someone told you that's market rent. Get actual rental comps and see what comparable renovated 3-bedroom homes are really leasing for. If you want, you could give me the property address, and I can give you a market evaluation that will include both sales and rental market data.
Personally, I wouldn't pull it off the market tomorrow simply because it's been three weeks.
I'd establish a decision point with my agent—maybe another few weeks—while simultaneously getting the rental comps and DSCR refinance numbers together.
Then you're not waiting and hoping.
You're giving the flip exit a fair opportunity while getting Plan B completely ready to execute.
A good real-estate deal isn't necessarily one that follows the original plan. Sometimes it's one where you recognize which exit is producing the best return and change direction before the market makes the decision for you.
- Member since 2025 · 4 posts · 1 vote2w
@Clay Edmonds thank you for that feedback. It was very informative. I have had a few showings but no offers to date. As I watch the activity in the market for comparable sells there has not been much inventory moving on the area which makes me think at this point in time selling may not be the best option. I went over some market analysis with my agent and it doesn't look to us that we are priced bad. I believe it's more so a lack of buyers in the market currently. From my research 3/1 single family homes in the area with comparable amenities rent between $1,800-$2,400/mo. The property address is 608 Grant Pl. if you have any data on the rental market that you would like to share it would be much appreciated. Thanks again for the feedback.
- Member since 2026 · 16 posts · 8 votes2w
I have a property report in a PDF file I can send you, but to where I know not.
- Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes3w
Three weeks is not a long time. I think people are too sensitive to "I need it now" philosophy. It is historically normal for properties to take 2-3 months to sell. Three weeks during the end of summer when people are wrapping up vacations and getting kids back to school I would not panic. I would speak to my agent and review the listing photos and get feedback on what is going on.
7e investments53 Reviews - Investor · Get yourself trained before doing something inadvisable. · Member since 2024 · 3k+ posts · 1k+ votes3w
Quote from @Antwan Lockhart:
Hi all,
I need some help. I just dive into mcy first flip project. It's a 3/1 cape. I purchased at 76.5k put 68k into renovation with an ARV of 218k. I purchased with the intention of flipping to help scale my real estate portfolio (I currently have two rentals), but with a secondary exit renting they property (market rent is approx. $2,200/mo. I just listed, been on the market for about three weeks and I'm not really getting much traction. They propose in Rome, NY and from my research there has not been many property sales over the last 6 months. Not sure what I should do. Is it best for me to pull the property off the market, rent it, and move into a DSCR loan? should I wait it out and see if it sales?should I drop the price and see if it sparks more interest? Any suggestions or advice will be much appreciated.About 3 months (90 days) is a "reasonable historical estimate for a typical, properly priced home". If you were aggressive on the price (over pricing, expect it to take longer)
I specialize in buying homes that sellers are too impatient to wait for the market to determine what true value is.
I'm seeing that people don't price to what lenders will lend.
What that means is, a house is only worth "what someone is willing to buy and can pay cash for" or is "willing to buy and can get financing for". It has little to do what someone may think it's worth. It there are two "someones", all the better, but we go through cycles and it's always difficult to guess at the beginning of a change of a cycle where it's headed.
I'd be patient for another month and then revisit the pricing.
- 3wDan HandfordPro MemberInvestor · Lexington, SC · Member since 2018 · 779 posts · 501 votes
Antwan, I would put a firm decision date and two current net sheets side by side. For the sale, use today's likely price, remaining carrying time, concessions, and selling costs, not the original ARV. For the rental, use a real DSCR quote plus taxes, insurance, vacancy, maintenance, management, and the cash that would remain trapped after refinancing. Also separate a marketing problem from a pricing problem by reviewing showings, buyer feedback, active competition, and pending sales. That turns the choice from waiting versus reacting into a measured comparison of cash, risk, and time.
- Real Estate Agent · Chicago, IL · Member since 2017 · 2k+ posts · 2k+ votes3w
Many of the posters must be in very different markets thinking weeks on market no offers is ok. In my market a property priced right has multiple offers over ask first week. If it does not have offers by week 2, it is either not going to ever sell and eventually expire unsold or will need a price cut/to take low offers to find a buyer.
A good strategy is to do small price cuts. They can spew new interest (leads). Also taking off mls for 2 weeks and putting back on as new with an open house for the first weekend back on market often generates new leads.
You can also list for rent the same time as it’s listed for sale. See what goes first!
- 3wNicholas FloydBusiness MemberNY · Member since 2026 · 166 posts · 56 votes
From a funding standpoint, I’d look at the exit strategy before changing anything. You’re roughly $144.5K into the property before holding and selling costs, so I’d compare what you realistically net from a sale today versus what the property produces as a rental after the DSCR payment, taxes, insurance, maintenance and vacancy.
If the rental numbers still leave healthy cash flow, refinancing into a DSCR loan could preserve the asset and potentially free up capital for the next deal. I’d also look at business funding separately for working capital, carrying costs or future project expenses so you’re not forced to pull too much equity out of a good property just to keep scaling. The key is making sure the funding supports a profitable strategy rather than using more debt to compensate for a deal that doesn’t cash flow.
- Investor · Pacific Northwest · Member since 2026 · 511 posts · 286 votes3w
The number I’d stop trusting for a minute is the $218K ARV.
You’re about $144.5K into the property before financing, carrying, closing and selling costs. If buyers aren’t responding after three weeks, the market may be telling you something the comps didn’t: $218K might be an appraisal number, not an executable sale price.
I’d work backward instead.
Ask your agent what price gets this sold in the next 30 days—not what price theoretically maximizes it. Then calculate your actual net at that number after commission, concessions, taxes and another month of carry.
Separately, underwrite the rental at $2,200 using the real DSCR quote: rate, payment, taxes, insurance, vacancy, maintenance and refi costs.
Then compare those two numbers.
The trap is “I already put $68K into it, so I need to get $218K.” The $68K is gone. Today you own an asset and have two competing exits.
And one other thing: every month you wait for your price is effectively a price reduction anyway—you’re just paying it through carrying costs instead of putting it on the MLS.
Don’t ask which exit feels better. Ask which one buys back your capital fastest with the least additional risk.
- Real Estate Consultant · Melbourne, FL · Member since 2019 · 185 posts · 107 votes3w
Three weeks isn't enough to panic, but don't just wait either. I'm a Realtor and the first thing I'd want is the showing data. No showings usually means price, photos or positioning. Showings with no offers means price or the house. Run the DSCR exit today using real rent, taxes, insurance, vacancy and repairs. Renting it isn't a failed flip if the hold numbers are better.
- 2wDrew SygitBusiness MemberProperty Manager · Royal Oak, MI · Member since 2012 · 12k+ posts · 9k+ votes
Why didn't you research your exit strategy BEFORE buying?
What's the average Day On Market (DOM)?
Also, research how DOM changes with the seasons.
In most of the US, once kids go back to school DOM noticeably increases.
DOM increases even more after Halloween, with Nov, Dec, Jan the slowest months of the year nationwide (due to Holidays).So, you may need to drop your asking price to sell.
Logical Property Management4.9450 Reviews - Member since 2025 · 4 posts · 1 vote2wThanks everyone for all the feedback. I believed I covered most of the details discussed in the comments before and after listing the deal. I think evaluating a deal on paper and actually living it going through the emotions of it actively is what I did not prepare myself for.
- 2wGregory AcsPro MemberLender · MD · Member since 2025 · 133 posts · 52 votes
I'd step back and compare each exit strategy based on today's numbers rather than the original plan. If it doesn't sell, I'd want to know whether it still makes sense as a rental after factoring in a DSCR refinance, realistic rents, vacancy, maintenance, and reserves. On the other hand, if the market is simply moving slowly, it may be worth reviewing your pricing and buyer feedback before changing strategies completely.
I’d make the decision based on whichever option gives you the strongest long-term outcome, not just the quickest exit.
- Lender · Orlando, FL · Member since 2023 · 220 posts · 183 votes2w
Since you mentioned you've had some showings but no offers and your agent doesn't believe you're significantly overpriced, I'd start getting the rental/DSCR option ready while continuing to market the property. I wouldn't wait another month and then start figuring out Plan B.
At your $144,500 purchase + rehab basis, you appear to have a decent amount of room below the $218,000 ARV. If the $1,800 to $2,400 rental range you mentioned is accurate, I'd get an actual DSCR quote now and determine three things: what the property realistically appraises for, how much cash you can pull back out, and what your monthly cash flow looks like afterward. The goal shouldn't necessarily be maximizing the cash-out. I'd want to recover enough capital to help fund the next project while still leaving myself comfortable cash flow and reserves.
I’d also calculate your break-even sale price. Include commissions, concessions, financing costs, taxes, insurance, utilities and another 30 to 60 days of carrying costs. Then you know exactly how far you can reduce the price before holding it becomes the financially stronger option. Waiting has a cost too. Every additional month on market is eating into your eventual net even if you never change the asking price.
One other thing I'd consider is the original purpose of the flip: you wanted to use it to scale your portfolio. If a DSCR refinance lets you recover a meaningful portion of your capital, keep a property that cash flows, and put that recovered capital into your next deal, you may still accomplish exactly what you originally wanted, just through a BRRRR exit instead of a sale.
I work on the lending side with investors doing both flips and DSCR refinances. If you want to send me the numbers on 608 Grant Pl, I'd be happy to run the DSCR scenario and show you approximately what the refinance/cash-out side would look like so you can compare it against selling.
- Member since 2025 · 4 posts · 1 vote2w
@Travis Main yea I would love some feedback on the DSCR scenario and possibly a quote. What exact details about the property do you need?
- Banker · MA · Member since 2026 · 120 posts · 31 votes2w
Three weeks in a low-volume market like Rome isn't really enough data to know if your price is the problem or if the market just moves slowly. That said, the rent-and-refi path is worth running seriously, not just as a backup. At $2,200/month gross rent and a refi loan somewhere in the $115k-$120k range (most DSCR lenders will go to 75% LTV on the appraised value), your debt service coverage ratio should land above 1.2x even at today's rates, which clears the threshold most lenders want to see. You already have two rentals, so you're not starting from scratch on the landlord side. I'd give the listing another few weeks, maybe test a modest price trim to generate some showing activity, but don't drop aggressively before you know whether it's price resistance or just a quiet market.
James Driscoll
- Realtor · Annapolis, MD · Member since 2026 · 17 posts · 10 votes2w
One thing I would look at, since you've already reviewed pricing with your agent, is whether there are any patterns in the feedback from buyers who toured the home. Not getting any offers from a few showings could be price, but it could also be an issue with the flow, layout, location, or how your home stacks up against other options buyers are considering at your price point.
That kind of info will help you determine if a price cut would change the situation or if you're just dealing with a smaller pool of buyers right now. I would also give yourself a hard deadline by which you decide between continuing to sell and transitioning to your rental plan. That gives the listing a fair amount of time while keeping you from waiting indefinitely.
You have a rental plan as a backup, so you're not necessarily stuck forcing a sale if it just isn't working.
- Mechanicsburg, PA · Member since 2013 · 3k+ posts · 2k+ votes2w
@Antwan Lockhart According to HUD the Fair Market Rent for a 3 bedroom property in Rome, NY is $1,442. That is the MEDIAN rent which means that 50% of rents are higher and 50% are lower. HUD also uses that rent schedule for their Section 8 program. And the drive time from Rome to NYC is about 2 and 1/2 hours so a pretty long commute. Rents are higher where there are larger comcentrations of populations, and conversly lower where there is less population and less competition. According to Redfin there are 17 three bedroom houses for sale in Rome with an average list price of $211,000. But those are just numbers. Somebody once told me that if a property is properly advertised and you're not getting any offers, then the price is too high. Maybe that applies or not. I don't know Rome, but I do know a 1 bath house is not the most desirable rental. I've owned a bunch of 1 bath houses, but from where I am now the only 1 bath house I have is undergoing a major rehab and besides doubling the square footage and doubling the number of bedrooms, and doubling the price; we are also changing from 1 bath to 3 full baths. Just saying.
- Investor · Pacific Northwest · Member since 2026 · 65 posts · 16 votes1w
For the DSCR quote, send the lender the address, purchase date and rehab history, current loan payoff, requested cash-out amount, tax bill and insurance quote. Include the $1,800-$2,400 rent comps you found and ask what rent evidence they'll accept.
Your $2,200 estimate alone can't establish coverage or cash flow. Ask for the full payment, fees and cash left in the property, then allow for vacancy, repairs and management before comparing it with a sale.
- 2dJacob CamhiBusiness MemberHinton, WV · Member since 2026 · 131 posts · 40 votes
a slow market for a first flip can feel like a punch to the gut, but you’ve got options here. keeping a flip on the market too long quickly eats up your profit in holding costs.
your first move should be a price adjustment. if you're getting no traction after three weeks, your list price is probably higher than what the current buyers in rome, ny are willing to pay, even if your original arv was strong. a smaller price drop now can prevent larger losses later from continued holding costs.
if converting to a rental is the path, a dscr loan definitely works. they look at the property's rent potential to qualify you, not your personal income, w2s, or tax returns. just make sure that $2,200 monthly rent comfortably covers the new loan payment and operating expenses.
have you checked the median days on market for comparable active listings in your exact zip code to see how far off your price might be?
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