Got a case study for you! Let me know if I left anything out. Thanks!
About the property:
Single family, 5 bed, 3 bath, 2.5 garage.
Market Value: $185K (House built in 2006)
Original Purchase price: $158.5K (Bought in 2009)
Mortgage Amount: Paid off
Taxes and Insurance: $70 Insurance, $333 Taxes (The specials will be paid after 2019 dropping taxes to $230)
HOA costs: None as of now. I was told when I bought that the HOA will start when the development is 80% done but have never heard anything since.
Possible rent: $1200-1400
Plan A (Stay): I just retired from the AF and my pension covers all of my living expense and about $500-700 spending cash.
Pro's: It's a real nice area, cheap living and good job market (Not really looking but been offered a few).
Con's: it's Kansas! Sorry fellow Kansans but I would like to be near some mountains or beaches.
Plan B (Sell): My original plan was to sell the house and find an area I like better. If/when the house sells the AF will move house hold items and will store my stuff for up to a year (Cost is covered). I would use this time to slow travel and decide where I want to live. It's the first time I've ever had a choice where I want to live (Scary and exciting).
Pro's: Free and clear to go anywhere. Most likely frees up about $170K to invest/buy a smaller house.
Con's: $15K Commission fees (How is this legal?)
Plan C (Rent it): Possible rent income $1200-1400. Renting it out scares me, I'm risk averse. I rented out a townhouse before and lost about $20K (I'll do another thread and post a link to the story).
Pro's: Good income $797-$997 but would still need to find a new place to live.
Con's: I would need to rely on this rent income to pay mortgage or rent at a new residents. I have about $50K saved to invest or use toward a new house. Ties to Kansas and don't plan on staying, possible damage, property manager.
What would you do? Any ideas for a plan D?