The first part seems like it could be limiting, regardless of how well the house is marketed (websites, photos, signs). My case is simple: most buyers of starter homes are going to be looking with an agent already. So say it is a 5% commission that I think I am saving by doing FSBO. Well if the buyer comes with an agent, that person needs to be paid and so I will be paying 2.5% to them. So I end up saving 2.5% which, for rough numbers, let's say translates to $6k. I am not sure that savings is sufficient. I may also need to spend money on my own attorney just to have legal representation through the process, whereas if I had a real estate agent, I'd be fine to use the buyer's attorney. This isn't mandatory but makes sense. So now the savings is $5k, further diminishing the savings.Selling For Sale by Owner does have limits. Most buyers will have realtors assisting them and those agents will not show any FSBO homes unless there is a signed agreement for compensation. Without a signed agreement for the agent, FSBO owners limit the number of possible buyers by a lot.
Things can happen during negotiations & contract & completing contingencies. Owners selling their home by themselves need to have some negotiating skills & good follow up skills. It can be done but not all owners have flexible schedules to allow this. Also owners need to be flexible for private showings and need to verify buyers pre approvals.
What would probably make sense is to just list free on Zillow and see what happens for a few weeks. Apparently that's what Bob did a few years back and it worked out very well.
Of course the other half of this discussion is maybe I just find new tenants and hold onto the house longer. Plenty to go wrong there but also plenty to go right.