Going on 8 years now, I have commuted 30 miles each way to work. My wife just received a job offer general in the same direction (23 miles from our existing home). Our plan is to rent a place near her work (within walking distance) and then I'll continue my commute (cut at least in half if not by more). Her work is by the water in Florida so purchasing won't make sense with insurance costs, etc.
Now, we are really lost on what to do with our existing home:
It's a 3/2/2 in the suburbs. It looks like comparable properties are renting for $1,300 per month - $1,400 per month.
Purchased in 2007 for $190K, it is now owned free and clear. Zillow estimates $170K value, but I would assume more likely $160K and maybe netting $150K after selling fees / closing costs / etc. So it doesn't meet the famous 1% rule.
From a cash flow perspective (am I missing anything?):
$1,300 estimated monthly rent
-$225 - Property Insurance and Property Taxes (based on current numbers)
- $210 - Repair Fund / Reserves / HOA (which is just $155 for the year)
- $130 - Vacancy Estimate(?)
$735 NET MONTHLY CASH FLOW
Other considerations:
Could be a nice home when we start our family (planning in 3-5 years) with a good school district and very proximate to family.
What would you guys do?