Looking for opinions on whether to sell or keep my current home as a rental. Our only debt is the house, combined income is around 100k. Looking at this as a long term holding for income purposes later in life.
2000sqft Single family home in a gated community
Market Value: 215k
Zillow has 233k, similar houses in my neighborhood have sold from 185-250
Original Purchase price: 195k
Original Mortgage Amount: 153k bought in 2010, refinanced in 2012
Interest Rate: 3.5%
Mortgage Term: 30
Term remaining: 28
Amount remaining on mortgage: 148k
Gross Rents: 1.7k, house next door rents for 1.85k, the one next to that rents for 1.65k
Principal and Interest (the P&I of your PITI - should match with the above info): 687.04
Taxes and Insurance (the T&I of your PITI): 296.60
HOA costs: 60/mo
Deferred maintenance notes: Needs a new roof and water heater in <5yrs, AC is new
Additional notes I live in an area with a lot of sinkhole activity, a few neighbors have had sinkholes on their property.
Any advice is greaty appreciated.
Thanks