Here is the situation. I have a house I used to live in that I moved out of in 2010. I rented it fully furnished with utilities for 1850 a month to a friend for 2 years and to my father for the last 18 months. The property is in indiana, I live in Oregon. My father is moving out in September. Do I look for a renter on the market? or Sell it?
Market Value: 195,000 (According to zillow its going down)
Original Purchase price: 169.000 (2009)
Original Mortgage Amount: 135,000
Interest Rate: 4.75 Fixed
Mortgage Term: 30 years
Term remaining: 25 years
Amount remaining on mortgage: 68,000 (I put a lot of extra $$ toward it)
Gross Rents: 1850 per month (minus the $250 or so a month for utilites)
Principal and Interest (the P&I of your PITI - should match with the above info): 719
Taxes and Insurance (the T&I of your PITI): 259
HOA costs: 0
Deferred maintenance notes: 0
The school system is bad 2/10 in that town, but other than that its a nice area.