Market Value: $270,000
Original Purchase price: $190,000
Original Mortgage Amount: $180,000
Interest Rate: 4.0%
Mortgage Term: 30 years
Term remaining: 25 years
Amount remaining on mortgage: $162,000
Gross Rents: $1,700
Principal and Interest (the P&I of your PITI - should match with the above info): $850
Taxes and Insurance (the T&I of your PITI): $225
HOA costs: $0
Deferred maintenance notes: New roof needed in probably 5 years ($15,000)
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.): Property has a lot of landscaping and trees that I would not trust a tenant to keep up with adding $2,000 per year in landscaping costs. Property also has a pool requiring monthly maintenance of approximately $100/month. Property is in a premium location near a major university and in a major metropolitan area with a medium level cost of living therefore I could see this property continue to appreciate.
I will be relocating out of state therefore won't be able to tend the property directly. I had initially planned to sell with my equity going right towards the purchase of a home in my new state; however, somebody that knows I am moving had asked if I was interested in renting the property which got the wheels in my head turning and I started checking on rental prices/home prices in my area which I've provided above. I'm not crazy about the idea of being a landlord (I'm perfectly comfortable investing in stocks which won't call me in the middle of the night) but I want to make the financially prudent decision. I do have enough in savings to put 20% down on a home in my new state so I don't absolutely need the existing equity to make another down payment.
