Good day,
I am requesting a little advice/help regarding a property I own in southern California. Property was estimated around 350,000 when I purchased it from a motivated military family who had moved and needed to dump the property. The home is a 3 bed 2 bath, 1400 sq ft, 2 car garage, 6 car driveway detached home labeled as a "Condo" because of my HOA that is in excellent condition. I have high HOA fees which are really interfering with my math to try and rent the property. I pay 300 a month for my HOA, I was willing to accept this high HOA fee because I am in the military and during periods of my absence I didn't want my family to incur any hardship caring for the property. I am trying to estimate reasonable rent as the property is in mint condition but the math just isn't working. My expenses are as follows:
Mortgage (taxes and insurance included): 1750.28 (I currently have a roommate paying 700 which lowers this to an out of pocket 1050.28)
HOA: 300
Utilities: vary but typically 150-180 (water trash electric internet)
The rents in the area vary widely but aren't close to anything where I could generate a solid monthly cash flow based on those assessments. I am beginning to think it may be wise to plan to sell this property when I am ready to move on. Any advice on potential to make this a cash flowing property would be greatly appreciated!!
Thanks,
Rob