Would love people's input on this house I'm stuck with. I had to move from NYS to AL for work and have been trying to sell my house in NY since Nov 2011. In fall 2011 some hurricane came through and the river flooded and filled the basement with river water just as we were about to put it on the market. It did not affect the structure or the living space of the house. However, I think buyers are still freaked out by the flooding and I don't blame them but its a great house for little money. It didnt sell for over a year. So we rented it out in the winter of 2012 and the tenant was a disaster and we had to sink about $5000 in repairs. Last year we re-rented it while it was back on the market again. No bites. Everyone who comes through loves the house but runs away when we have to reveal the basement was flooded (You are required by law to report this until 5 years have passed). I'm just wondering if we should think about short selling and get it off our plates or if we should invest in it in the long run. The property is close to a university, in a family-friendly area of town, across from a local park. It has a new roof, new siding, new paint, new floors, new furnace, etc. Pretty much no maintenance for us.
Market Value: unsure.. probably about 70000-80000
Original Purchase price: 85000
Original Mortgage Amount: 83500
Interest Rate: 6.5%
Mortgage Term: 30 yr
Term remaining: 24 years
Amount remaining on mortgage: 67900
Gross Rents: 900
Principal and Interest (the P&I of your PITI - should match with the above info): 223.08
Taxes and Insurance (the T&I of your PITI): 155.30
HOA costs: 0
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.): We pay water/sewer/trash about 220.00 every 3 months, flood insurance about 200 per year.