It’s tough to price real estate based on the list price others are not selling at. Because the rent is 1100 to 1300 and it needs 20k in repairs to rent it out you have to look at the price an investor would find it attractive. I like the heloc for 20k idea, rent it out and payoff the heloc with all the proceeds idea. If you don’t want to be a landlord you will need to get aggressive and not wait for prices to decline before lowering it, catch the one of the last fools, they are out there, go 249k tomorrow and it will go. As an investor I wouldn’t even look at it until it was under 200k (well under). If an investor could buy it for 180k plus 20k to fix it up the loan is $1284 for P&I on the 200k, add taxes, insurance, gardner, maint reserve, etc. and the monthly loss is is 300-500 not counting time between renters or large maintenance. 20-30% cash negative to start is about as much as most investors will go, if there are any left. Some use a rent multiplier of 130-150x rent which puts the high end price at using the high rent and the 150x to make 195k, subtract repairs and that’s 175k at best, using the 1100 rent and the 130x multiplier it is 143k minus the repairs=123k, go find that appraiser who did the 385k appraisal and give him a drug test. I say, congratulations, you are a landlord.
