Hello,
I have rental property for the past 10 years, same tenant. I charge him $1450 mo (no property mgmt. needed). Realistically I could get $1900/mo but current tenant is good, no stress. Property is out of state and has been refinanced over the years. Would I be better off keeping it or selling and investing proceeds in index fund, do 1031 exchange, etc...I am getting a bit tired of rental properties and like the concept of index funds.
Market Value: $305,000
Original Purchase price: $230,000
Original Mortgage Amount: $200,000
Interest Rate: 3.5% (refinanced a few years ago)
Mortgage Term: 30 yrs
Term remaining: 20 yrs
Amount remaining on mortgage: $109,000
Gross Rents: $1450/mo
Principal and Interest : prin $430/mo, interest $319/mo
Taxes and Insurance (the T&I of your PITI): $409/mo
HOA costs: 45/mo
Deferred maintenance notes: appliances are 10 years old.
Anything else special or unique in regards to the numbers of the property : None