Hi All,
My wife and I are moving this Fall across the country and she is inclined to rent the house out while I see selling as a better financial (and headache-free) option.
Could I get you to comment on which you feel might make the most sense for us?
Market Value: 520k zillow, 475k trulia
Original Purchase price: $430k
Original Mortgage Amount: 299k refi
Mortgage Term: 5/1 ARM, 5 Year just adjusted (down!) to 2.75%
Term remaining: 25 yrs
Amount remaining on mortgage: 280k
Gross Rent: $2200
Principal, Interest, Tax, Insurance payment per month = $1585 good for 1 yr. but can increase by no more than 1%/yr
Deferred maintenance notes: May need a furnace at some point (20yr old) but currently running strong.
Thanks!