Author Topic: Sell or Rent? Condo in Northern California  (Read 1032 times)

nrdeworks

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Sell or Rent? Condo in Northern California
« on: February 17, 2015, 10:35:11 PM »
Market Value: $105,751 via Zillow
Original Purchase price: $85,000
Original Mortgage Amount: $63,750
Interest Rate: %5.375
Mortgage Term: 30 Year fixed
Term remaining: 24
Amount remaining on mortgage: $53,512.37
Gross Rents: $925.00
Principal and Interest: $357.04
Taxes and Insurance: $104.96
HOA costs:$245.00
Deferred maintenance notes: None.


Little about the property. 2bed/2bath 900sqft. Purchased while I was in college and got the $8k tax credit and lived rent free for three years (roommates essentially paid most of the mortgage.) I re-tiled the bathrooms and put in all new flooring/baseboards while I lived there (around $9000 in improvements) the zillow estimate is probably a little low as it is an investor (not updated) condo community.

The condo has been rented out since I graduated to the same person for a few years. Tenants are not an issue as the college is close (Sacramento State) however I rent a little below market value to keep the same tenants; to me the extra $100 a month is not worth them leaving.

Looking at investments (Vanguard, IRA, 401k) I am not sure the condo is worth keeping after the lease is up in August? If they re-sign I may just keep it since I don't make/lose any money but there is some risk with it. I already own a $500k house in the Bay Area so not sure what I would do with the money besides maybe get engaged and invest the rest. I carry no debt besides the condo and house.


Sell? Refinance? Thoughts? 
« Last Edit: February 17, 2015, 11:05:24 PM by nrdeworks »