I have a 6 bedroom 2 bath two unit house in the Boston suburbs. On paper it's a pretty solid investment, but in reality, I feel like it's a money pit. I currently live in the upstairs unit (4 br, 1 ba) with my wife and soon to be 2 children. The downstairs unit was rented until September when the tenant moved out. I have been doing steady upgrades to the home, but it was a total wreck when I first bought it and now it feels like I'm just throwing all my savings into it.
Since I owned the house, I replaced the electrical in the upstairs unit, replaced the porch, and gutted and replaced a bathroom.
I owe 196k on it and it was assessed for my refi (3.625%) at 250k.
I am going to install new windows on the first floor ($2400) with a friend, but now I'm having serious doubts about whether or not the steam boilers will make it through the winter. I have 2 very very old boilers with significant asbestos insulation. I had a hard time getting reliable quotes on new ones, but after incentives, it would come out somewhere around 14k which I could finance at 0% through a state program.
After I finish the downstairs apartment, the rent will be $800.
I'm just looking for advice on whether it's better to get out now, or keep adding $$.