Answers by Rebecca Maher

Hi Marcus, You have substantial equity, but I would not make this decision based on cash flow alone. A rental property can also create value through appreciation, mortgage principal reduction, and possible tax benefits. The first step is to determine the property’s complete return and compare that with the cost of carrying $25,000 in credit card debt. Before selling, I would obtain three important figures: A realistic estimate of the property’s current market value and potential rent. A seller’s net sheet showing the mortgage payoff, selling expenses, and estimated proceeds. A tax projection from a CPA that accounts for your adjusted basis, capital gains, and depreciation. Your estimated $310,000 in equity is not the same as the amount you would receive after selling. Taxes and transaction expenses could make a meaningful difference. If the property is producing little income, has limited potential for increased rent, and the credit card debt is creating financial pressure, selling may be a responsible decision. Eliminating high-interest debt and repositioning the remaining equity into a more suitable investment could improve both your cash flow and peace of mind. I would be cautious about placing a large amount with a friend who flips homes, regardless of their experience. Real estate flips can be profitable, but they are concentrated, illiquid, and carry construction and market risk. Any investment should be supported by a written agreement, independent legal advice, documented financial results, and clearly defined protections for your money. If I were in your position, I would gather the numbers first, consult a CPA and financial adviser, and then decide whether keeping the property still supports my long-term goals. You were fortunate to acquire a valuable asset, but selling it after careful analysis would not mean you made a mistake. It may simply mean the equity can now serve you better elsewhere. Hope this helps.

Owen, I have to tell you this means hot activity, the home presents well and is attracting buyers! I would not rush into a price reduction immediately before the scheduled open house. I would complete the open house, follow up carefully with the most interested buyers, and then evaluate the results with your agent. The most important question for the agents who brought buyers back is: “What prevented your client from writing an offer?” General comments that the price “feels right” are encouraging, but buyer actions provide the clearest market feedback. If buyers like the home but consistently choose competing properties, price may still be the deciding factor. The improvements you made were worthwhile because they helped the home show well and reduced potential buyer objections. However, routine maintenance and cosmetic updates do not always produce a dollar-for-dollar increase in market value. After the open house, ask your agent to review: Feedback from first and second showings. New competing listings and recent pending sales. Any concerns about condition, layout, location, or terms. Whether similar homes are offering buyer concessions. How your home compares with the best alternatives buyers are seeing. If there is still no offer after approximately two weeks of strong showing activity, a strategic adjustment may be appropriate. If you reduce the price, make it meaningful enough to reach a new group of buyers or clearly improve your position against the competition. Based on the activity you have received so far, I would gather the weekend’s feedback before the price reduction. I bet you will be under contract in the next week.

I am very sorry for the loss of your son. Yes, there are professionals who can help, but because the appraisal is due August 18, I recommend acting today. First, contact the probate attorney handling the estate, or the court clerk if you do not have an attorney, to confirm exactly what type of valuation the court requires. You may need a licensed real estate appraiser to prepare a retrospective appraisal establishing the property’s fair market value as of your son’s date of death. A real estate agent can prepare a comparative market analysis, but that may not satisfy the court’s requirements. Once you have confirmed what is needed, contact a qualified appraiser immediately, explain that the appraisal is for probate, provide the required valuation date, and make them aware of the August 18 deadline. If the property is in the Tucson area, please let me know, and I would be happy to help you locate the appropriate professional.

I am very sorry for the loss of your son. Yes, there are professionals who can help, but because the appraisal is due August 18, I recommend acting today. First, contact the probate attorney handling the estate, or the court clerk if you do not have an attorney, to confirm exactly what type of valuation the court requires. You may need a licensed real estate appraiser to prepare a retrospective appraisal establishing the property’s fair market value as of your son’s date of death. A real estate agent can prepare a comparative market analysis, but that may not satisfy the court’s requirements. Once you have confirmed what is needed, contact a qualified appraiser immediately, explain that the appraisal is for probate, provide the required valuation date, and make them aware of the August 18 deadline. If the property is in the Tucson area, please let me know, and I would be happy to help you locate the appropriate professional.