-W, I solemnly swear that my lackluster was unintentional. However, I will applaud your probes because even with more conviction I would not have covered all the bases.
Current 5/1 ARM interest rate --> 4.5%
10 year or 15 year fixed rate I could get around 3-3.5% ( Of course I cannot pursue this until school is done at the end of 2018)
Life situation: I am rootless at this point and enjoy moving around so I do not need to move back in but I would do it temporarily if it was strategic. The house is in Charleston, SC and I currently live in Miami. There differences could not be more alarming. Honestly, I have not checked the marker lately but I have my house setup for college students and military members so the market is consistent.
Equity = $30,000 or so
Monthly rent $1,565 - (taxes 2,054 + 482 HO6 policy + 2,005 (per year HOA) + 593 (monthly payment but I started paying 800 a month) = $14,141
$18,780 - 14,141 = 4,639 cash flow
**Is it wise to pay the $800 a month vs the minimum? The monthly payments almost split directly now between principle and interest.
Self-managed
At the time I got an ARM because I bought the place from an investor and used a local bank for financing. Purchased the condo for $130,000.
After graduate school is complete and I start my career including my two rental properties I should be hovering around 6 figure mark.
No SO.