Market Value: $415,000
Original Purchase price: $182,000
Original Mortgage Amount: $182,000
Interest Rate: 4.125%
Mortgage Term: 30 Years (Refinanced 07/2012)
Term remaining: 25 Years
Amount remaining on mortgage: $149,000
Gross Rents: Eww
Principal and Interest (the P&I of your PITI - should match with the above info): $369.21(Principal) $512.85(Interest) = Total $882.06
Taxes and Insurance (the T&I of your PITI): $296.50(Escrow)
HOA costs: $458/mo.
Deferred maintenance notes: I need to repair some drywall behind the dishwasher and hang some new doors... maybe install double pane glass.
Total Cost / Mo. = $1,636.56
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I was talking to a co-worker about index fund investing and he started talking to me about his real estate investments. He mentioned stuff about keeping my condo, renting it out, how it's beneficial to do a "cash out refi" while the property is still your primary residence and maybe some tax breaks if you own an investment property. He pointed me toward biggerpockets.com, but I thought I'd check for info here on MMM. My wife and I have been thinking about selling the place to use toward the purchase of a small house or condo, but I'd be interested in hearing about options/opinions/experiences.
Here's a similar unit that recently sold for $421k:
https://www.zillow.com/homedetails/980-Kiely-Blvd-UNIT-224-Santa-Clara-CA-95051/19597180_zpid/I think I could rent my place for around $2,000+/mo. Is it worth doing? How would it affect my taxes if I rented it? What about if just sold it, didn't buy anything else and moved in with my parents?