I have posted before about a duplex I've owned since 2006 that has been a thorn in my side (tenant issues, the upstairs unit was next to impossible to rent, etc.) We have spent the past year renovating and converting it back into a single family home. It is now a 2000 sq. ft. 3-4 bedroom home with a detached 2 car garage and a nice fenced in yard. We have another rental 2 blocks away that is similar that rents very easily and attracts good tenants. However, our other rental was purchased for much less and therefore has a much better return. We decided to put this renovated home on the market and feedback so far has been that it is over priced. However, because the market here hasn't quite rebounded, we are limited on how low to go before we have to bring money to closing. Options (if we don't get any bites) include reducing price to see if can get break-even with what we owe, or keep as rental. Here are stats:
Purchase price: 73k
Payoff: 58k
Current list price: 79,900 (group of realtors toured it and felt it will likely sell in the high 60's)
PITI: 475
Market rent: 750
We manage ourselves, so no fees for that. The property is 2 miles from our primary residence.