Rent or Fire Sell?

General Real Estate Investing
1

Hey All,

I have a Rowhome in Philadelphia that I’ve rented out before (owned since 2003). After my last tenants moved out, I renovated the place with about $10k in upgrades, with intentions to sell the property. We’ve been on the market for about 2.5 months, and there has been a lot more inventory to come onto the market; and frankly little activity (even after lowering prices)…

My mortgage is $1,200 /month, and the expected rent would be maybe net +/- $200 per month.

On the other hand, I could sacrifice $20K in equity and price it lower than the market to see if it sells.

I would really appreciate your honest opinion on what should be done. :help

Mike

2

Unless someone is intimately familiar with the sales data for the area, I’d think your opinion is probably the one that matters most.

3

I’m in Philadelphia, what section of the city is your property in?

4

In Manayunk, less than a block from the Wickihission (sp?) train station, close to main street … :biggrin