All Forum Posts by: Bryce Joseph Deniz

Not really sure what to do.....

Bought this duplex in 2023 FHA, I thought after looking rents up on rentometer at the time that I would be able to get more. I underestimated how the units being on a very busy street in tahoe park and next to commercial would impact getting renters as well as the price.

Currently negative cashlfow ~800 a month, (assuming fully rented) not accounting for repairs or vacancy

I have talked to several agents, they are saying the place is worth ~470k, due to a comparable place down the road that has been on the market for 60 days. I paid 495k in 9/23 and it appraised for that as well..... seems like I overpaid, after reviewing the appraisal forms and discussing with a third party appraiser, he seems to think that the appraisal was overvalued and recommended I speak to an attorney.

I start medical school in july and really don't want the headache of trying to be a landlord and floating the negative cashflow, but do not want to have to pay out of pocket 30-40k to sell on the market. I am considering a short sale, does anyone have any other advice?