Current SFH in the city:
Market Value: 357,5K
Original Purchase price: 259K
Original Mortgage Amount: 237K
Interest Rate: 3.75%
Mortgage Term: 30y
Term remaining: 29y
Amount remaining on mortgage: 232K
Gross Rents: $2400
Principal and Interest (the P&I of your PITI - should match with the above info): 1088
Taxes and Insurance (the T&I of your PITI): 395
HOA costs: n/a
Deferred maintenance notes: n/a
Anything else special or unique in regards to the numbers of the property (not the property itself; things such as city assessments, back taxes, special costs due to unique features of the property, etc. etc.): nope
Current 4/2 2300 sq.ft. home was built in 1986. We've lived in it for 10 years, and have put in a new furnace & water heater a few years ago, new windows this year, it's freshly painted with mostly newer appliances and in a great location between the military bases and hospital system, right on the trail system, quiet culdesac... Expected rent would be $2350-2550.
We are under contract to owner occupy a 2011 duplex on an acre in the country 45 miles from our current home:
Market Value: 380k
Original Purchase price: 360K
Original Mortgage Amount: 304K
Interest Rate: 4.1%
Mortgage Term: 30y
Term remaining: 30y
Amount remaining on mortgage: 304K
Gross Rents: $1500 (the side we will occupy was grossing $1700)
Principal and Interest (the P&I of your PITI - should match with the above info): ~1400
Taxes and Insurance (the T&I of your PITI): ~500
HOA costs: n/a
Deferred maintenance notes: n/a
Anything else special or unique in regards to the numbers of the property (not the property itself; things such as city assessments, back taxes, special costs due to unique features of the property, etc. etc.): no
We bought the duplex for a couple of reasons; primarily a desire to live in a more rural and less populated area, and to get into a duplex at a much lower cost than in the city. New or near new duplexes here are $485K+ in not-great areas of town, and even old and rundown properties where we'd be nervous letting our children play freely are demanding $300K++ The original plan was to rent our current home for 1 year and then reassess, and move back into our city home if we change our mind about the country duplex.
Income on the house should cover our portion of the mortgage on the duplex and then some. So we could potentially hold the house for a year and then sell...
But we wonder if we should just sell now, considering that the house is in excellent condition and we could simply hold our proceeds for a year instead, buy another property in the city should we change our mind about country life, or reinvest into another multifamily in the country... The longterm plan (barring us discovering that we don't like country life after all) is to purchase two more similar newer duplexes in the next 5 years, followed shortly by a single family home for ourselves. We will manage properties ourselves. We owned a fourplex and duplex before we bought the house, my husband is very handy and I don't mind doing the administrative work.
Any insight?