I need some advice on what to do with my rental property. I feel very overwhelmed and stuck with the position I am in. I purchased the property four years ago and it has been a massive headache since that time. It’s a duplex in Cleveland Ohio - each unit has one bedroom and one bathroom.
The property management company is a big perpetrator of the problems here, but I also believe I made a wrong decision in buying this property to begin with. The tenant turnover has been constant and the management company isn’t holding any tenants appropriately responsible for damages caused which is making turns untenable due to the level of cost associated to simply return to rent ability.
I decided I thought the best course of action was to just sell the property and move on, however I have now had it listed for about two weeks with zero offers and my realtor saying they think I have to drop the price by 16%, which makes the investment even that much worse. I would be losing a significant amount on the initial purchase price and deposit (to be clear I wouldn’t be upside down on the loan but I’d lose a lot of money on the investment).
Should I still wait it out to try to sell or should I instead try to find a new PM and see whether my luck can turn around on this? Or maybe another course entirely