I'm brand new to the MMM forum and brand new to being a landlord (or at least trying to be). My husband and I bought a different house for our primary residence, and we are hoping to keep the old place as an investment property. The investment property is in great shape and doesn't need any work- major perk of being married to a handyman!
Market Value: perhaps $175,000 - $185,000ish?
Original Purchase price: $154,000
Original Mortgage Amount: $123,200
Interest Rate: 3.25%
Mortgage Term: 30 yr
Term remaining: 25 yr
Amount remaining on mortgage: $104k-ish
Gross Rents: currently asking $1500/mo
Principal and Interest (the P&I of your PITI - should match with the above info): $550/mo-ish
Taxes and Insurance (the T&I of your PITI): $250/mo-ish
HOA costs: 0 (yay!)
Deferred maintenance notes: it'll probably need a new roof in about 10 years
3 br, 2 ba, 2 car attached garage, townhouse, golf course neighborhood. It's been up for rent for about a month with no interest whatsoever. It's listed on MLS through a realtor (and thus all sites pulling MLS data), Zillow, & Craigslist. Since we live in a Midwest college town, leases here usually run August - July, so we could just be hitting the season wrong.
Do we hang in there asking for $1500/mo? How do we know when to drop the price?
If renting isn't a good option, is doing an AirBnb potentially worthwhile? We'd probably have to spend ballpark $1000-2000 to get it adequately furnished, and it could probably rent out for about $120-150 a night. I am personally not leaning this direction since cleaning an AirBnb could get annoying, and I'd rather just have a renter pay a flat monthly rate. I also think we could potentially make more of a profit selling the house & investing and save ourselves lots of booking/cleaning/AirBnb work.
Otherwise, is the easiest answer to just sell?