This is my first post, but I have been browsing for a while. Below is my situation, I need some guidance.
I owe 54k on a property that is worth 150k. I currently rent it out at 1295 a month and use a leasing agent/property management company. They charge 80% one month rent to lease and background everyone, then an ongoing 10% to manage. I don't have the time or patience to deal with it myself as I had the previous three years. The tenant I have now is just now leaving and the management company is thinking we can get 1375 a month now.
Mortgage on rental is 15 year 3.875%. Bills with pi, taxes, insurance are 1100. Property management comes out to netting roughly 100 a month, however 500 goes to principal every month so I view it as making 600.
Rental had been totally gutted and redone in 2008, including roof. New hvac done this year, so likely won't need any significant repairs for 10 years.
Mortgage on primary home is 3.5% 30 year fixed, owe 172k worth 300k.
Investment portfolio 180k, all tax advantaged. I will also be collecting a pension.
Those are our only debts at ages 29/28.
Do the numbers make sense to continue as a rental or should I sell it and try to pay off my primary home faster?