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.
