arock sums it up best in his posts. There are many factors when evaluating a site, revenue and content are the main focal points for potential buyers while sweat equity and potential mean very little. Your site earns what it earns because of the existing content, you pull that and there goes that steady income and the value, they go hand in hand.
Unfortunately / fortunately this industry is very unique when it comes to the valuation of smaller companies.
That said, you have more choices than sell for X months or continue cashing checks that dwindle as the site dies out. Hit me up and let's chat
Drop me an email or hit me on Skype