From just a investment property standpoint is this a sell or buy property?
Market Value: $475,000
Original Purchase price: $269,000 - Cash - pooled some family money to buy in a competitive market.
Original Mortgage Amount: cash out re-fi ~$160,000 After 1 year of ownership (6 months?) did the cash out re-fi to pay back family.
Interest Rate: 3.25%
Mortgage Term: 30
Term remaining: 23
Amount remaining on mortgage: $145,400
Gross Rents: $1800
Principal and Interest (the P&I of your PITI - should match with the above info): $701/m
Taxes and Insurance (the T&I of your PITI): Taxes ~ $4100/yr Insurance: $570/yr
HOA costs: $265
Deferred maintenance notes: Misc improvements recently, new water heater, relatively new paint, appliances in good shape...what else?
Anything else special or unique in regards to the numbers of the property (not the property itself; things such as city assessments, back taxes, special costs due to unique features of the property, etc. etc.): Not that I'm aware of. HOA is reasonably well managed, no assessments pending, HOA fees recently increased to provide larger reserve fund to avoid assessments.
TL:DR: I know there are some rules of thumb that real estate investors use, but I wasn't quite sure how to apply them with our unusual financing situation and the pretty big change in home value. Any input would be appreciated.
More detail:
It's a HCOL area, so we could probably get higher rent. However we've had good landlord experiences by renting 2 pretty nice places (this one and one other) at slightly below market value, leading to so far zero vacancy, zero problems and minimal effort on our part on two units for four years.
So, do we sell or keep renting? I've run the numbers through a calculator I found on the forum, but I'm either doing it wrong or I don't understand the result. I'm not sure the calculator is advanced enough to put in the cash purchase + refi, so I think that might be part of the problem.
Further muddying the waters is what we would do with the profit, very tempting to pay off our house and pretty much call it a day and quit working, or mostly anyway. We'd be able to go to part time fun work and get by totally fine. But that is a topic for another post I think.