I currently live in Alabama and I'm relocating to Texas for a new job.
I own a 9 year old garden home in a good area (also my hometown). I've owned the home for 1 year. I'm young and free cash flow is somewhat tight because of my aggressive saving/investing rate.
I know how to evaluate the financial aspect of rentals, but my question is more geared toward property management companies. The same management company that handles the HOA for my subdivision is the one that quoted me (I think that could be a good thing because they have a reputation to maintain). They take 10% of the rent and charge a 1 month "commission" when you start with them. I imagine tenant quality would be pretty good in my area.
There are a few houses on my street for sale and the best I would do with my home is break even. Running the numbers (barring unforeseen crazy expenses), I would generate about a 8%-12% cash on cash return for my home- even with a property manager. I've wanted to get into the rental game for a while, but didn't think I'd own one 750 miles away.
Any suggestion on enlisting a property manager? Or should I just cut my losses and sell it (paying closing, etc.)?
*I'm definitely a passive investor. Not a handyman.
