Hi all
I purchased a 3br/2ba home in Aurora CO 80015 about 4 years ago for 250K. Zillow now puts it at 350k, though a realtor told me it'd probably sell for more like 300k.
My elderly mother has been living there paying under market, so it's generally been a bad deal for me, though she's been safe & happy. However it's just getting to be too much for her & me to manage (I live out of state), so she's moving into an apartment and I'm trying to figure out whether I should sell the house and be done, or put it under property management and try to sustain a second income stream. Although she's moving to an apartment I'll probably still be helping her out with about $300/mo to cover her rent and could use some income for that. However I'm not sure the math really works out given the cost of the property. Zillow says it will rent for $2200 but I think that may be high as well.
I'd be really curious to know what all you landlords think of this, or if there are any specific areas of research you can point me to as I make a decision.
Thank you!