Hello All, I'm mostly writing this because we weren't even contemplating being landlords for at least another decade (2 busy jobs, small children etc) but life circumstances have made this a possibility and I'm not sure how to even begin thinking about it.
Long story short- this summer my academic husband got a job. We had one week to pack up our life and move several states away. Luckily a good friend needed a place to live so she rented our home for under market value on a month to month basis($700 a month). Since everything was such short notice, we didn't need to worry about the house at all and it all worked out great. She just informed us that she found a job and will moving out in 2 months. Now we have to think about what to do with the house.
Market Value: $180k (per zillow- other houses on our street have sold for more recently so I'm not sure what a good number is)
Original Purchase price: $168k (in 2009)
Original Mortgage Amount: $123k (this was a 2012 refi)
Interest Rate: %3.75
Mortgage Term: 20 years
Term remaining: 16 and change
Amount remaining on mortgage: $107k
Gross Rents: going rate seems to be $1000 - $1200 a month in our area
Principal and Interest (the P&I of your PITI - should match with the above info): P:$393, I$335 per month
Taxes and Insurance (the T&I of your PITI): T approx:125, I: $40.91
HOA costs: $165 a year
Deferred maintenance notes: Will likely need a new HVAC in 3-5 years, could use new carpet, kitchen is definitely mid 90s
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.): Nothing majorly special but a nice starter house in the triangle area of NC. The small town that we are in is starting to get some major press as a food/culture destination (NYT just ran an article this week).
Just unsure if we want to deal with owning a rental from several states away. On the other hand - I won't even have the time to get there and prep the house for sale until the summer if we decide to sell it.