Author Topic: Case study--Loretta's condo  (Read 1343 times)

Loretta

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  • Location: Sugar Town
Case study--Loretta's condo
« on: September 22, 2014, 06:27:27 PM »
Is renting out my condo and moving 2-3 miles from work a good or bad idea? 

Market Value: $186,468 per pillow
Original Purchase price:  227K
Original Mortgage Amount:  178K
Interest Rate: 3.875%
Mortgage Term: 20 yrs
Term remaining:  18 yrs
Amount remaining on mortgage: 132481
Gross Rents:  1400/month according to my realtor would be reasonable to expect
Principal and Interest (the P&I of your PITI - should match with the above info):  835.72
Taxes and Insurance (the T&I of your PITI): 145
HOA costs:  273
Deferred maintenance notes:  Replaced HVAC in 2012, everything else is in good working order
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.):  I also have to pay a town assessment of $625/year
Property mgr fee is 8% of the rent.  I am not inclined to manage the property myself, for a myriad of reasons. 

I have the unit up for sale which is my first choice.  Renting it out is Plan B and I would then rent an apartment in close proximity to work for roughly 1850/month. 

waltworks

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Re: Case study--Loretta's condo
« Reply #1 on: September 22, 2014, 08:37:30 PM »
I'd only rent it if I absolutely could not sell it. It badly fails all the usual metrics for rental property.

-W