Should My Parents Sell Their Rental Property?

This is a house my parents bought more than 20 years ago. They paid $150,000 for it and it is worth around $315,000 now. They are thinking of selling it since it is a college rental and it is vacant! It is never good to have a college rental vacant in the middle of the fall.

Technically I also own part of this house as I helped them buy it in a way many years ago. I do not count it as one of my rentals since I had no part in picking it or managing it, that was all my parents who took care of that side of it. I also do not like college rentals much personally. They take a ton of management and maintenance.

The decisions are should they bite the bullet and rent it much cheaper now, wait to rent it for a few months or even longer, or sell it. If they do sell it, should they make repairs? I know what I would do if it was my house but it is a little harder when dealing with other people's houses and knowing what is best for them.

Here is the college rental flip we sold a while back that backs to this house: https://www.youtube.com/watch?v=FUCpPbsQHTU

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Mark Ferguson’s purpose is to help as many people as he can become financially free through real estate.
Mark has been a real estate investor and real estate agent since 2001, after graduating from the University of Colorado. Mark has flipped close to 200 houses and routinely flips 15 to 25 houses a year. Mark owns 170,000 square feet of rentals and is the managing broker and owner of Blue Steel Real Estate. Mark has also written 9 books that you can find on Amazon https://amzn.to/2VGI6a9
Mark started InvestFourMore in March of 2013 to discuss his rental property investing techniques. Mark expanded InvestFourMore to talk about his flipping business and real estate agent business. InvestFourMore now has 300,000 views a month and is one of the top real estate blogs.
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