Folks, please help me decide whether I should sell or rent my property. I am moving away to a different city due to family reasons and have no plans on returning.
Market Value: $535,000 +
Original Purchase price: $240,000
Original Mortgage Amount: $200,000
Interest Rate: 4%
Mortgage Term: 30 years
Term remaining: 25 years
Amount remaining on mortgage: $272,000 (refinance my original mortgage and took some money out).
Gross Rents: $2,700 + (monthly)
Principal and Interest (the P&I of your PITI - should match with the above info): $1,400/monthly
Taxes and Insurance (the T&I of your PITI): $350/monthly
HOA costs:$345/monthly
Deferred maintenance notes: None
Excellent schools. Townhouse. HOA covers outside of the house. Townhouse was build in 1974. When I moved in 10+ years ago, I upgraded everything (appliances, central AC, heater, bathrooms, kitchen). Overtime, I have put at least $60,000+ in upgrades.
I don't think I plan to move back to this townhouse. Also, since I will be in a different city and am pretty busy usually, I don't want to deal with managing the property myself. Will have to hire a property management company for finding renters and management of the property.
I am going to be purchasing a house to live in a few months in the new city. I do somewhat need the sale proceeds from this house to buy a new house but I don't absolutely need it given that there are 10% down payment (Which I already have) loans in the market where you can avoid PMI.
Please help me decide whether I should sell or keep it? Thank a ton in advance :-)