The Money Mustache Community
Learning, Sharing, and Teaching => Real Estate and Landlording => Topic started by: YTProphet on September 26, 2014, 12:20:49 PM
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The basics:
Market Value:
Original Purchase price: $204K
Original Mortgage Amount: $160K
Interest Rate: 4.75%
Mortgage Term: 30 yrs
Term remaining: 29 yrs
Amount remaining on mortgage: Just under $160K
Gross Rents: Best guess would be about $1600/month, give or take $100
P&I + T&I = $1200
Deferred maintenance notes: Dunno. House is in pretty good shape, although a roof will be needed in the next few years.
I could probably sell the house right now for $265K, give or take $5k. If I did sell, I'd wait til I hit the 2 year mark so that I'd avoid the capital gains. When the 2 year mark is up, should I sell or rent it out?
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Sell, unless you have a non-financial reason (want to move back in at some point, personal attachment, etc) to hold on.
The usual question to ask yourself: would you pay $265k for this place so you could rent it for $1600?
-W