Sell or Rent, what do YOU think?
Market Value: $264,000
Original Purchase price: $220,000
Original Mortgage Amount: $208,000
Interest Rate: 3.125% (Just refinanced to get rid of PMI and take advantage of Brexit)
Mortgage Term: 30 years
Term remaining: 30 years
Amount remaining on mortgage: $197,000
Gross Rents: 1,800-2,000
Principal and Interest (the P&I of your PITI - should match with the above info): $844
Taxes and Insurance (the T&I of your PITI): $409 Corrected- $168
HOA costs: $220 per month (owner managed, so it should be staying low)
Deferred maintenance notes: Nothing anticipated soon, we’re good about preventative maintenance. It's a condo, so there's no yard.
Located in Chelsea MA, a gentrifying neighborhood outside of Boston. We've lived here for 3 years now. Its value has gone up 21% in the last three years. As a MMM fan, I am required to state that my wife and I have 61K in student loans, from 3.25-4.6%, that we are paying off as fast as possible (yes, our hair is on fire). I am both tempted to knock out our student loans, as well as stay invested in this neighborhood. It was previously a city in really tough shape, but it’s only a mile away from downtown Boston, and is becoming a much more desirable place to live.
(Edit: My wife and I are set on moving to MT to enjoy family and the mountains.)