Newbie here ... just getting my financial life together so please be patient :)
A few years back I met the love of my life and decided to live with her, in her place. Rather than sell my very small, old condo for a loss, I've been using it as a rental property ever since (about 7 yeas now). Wondering if we should keep it or sell it ... it's almost back to a reasonable selling price now that the market has recovered some.
Here's the info:
Value of property: conservatively $95,000 (similar unit sold last summer for the price but market might be even better now)
Location: Boulder County - Colorado - a pretty good rental location (just outside Boulder in Gunbarrel for those of you familiar with Boulder)
Original purchase price: $108,000 (2004 during real estate bubble)
Original mortgage: 97,200
Int rate: ARM 2.875
Mort term: 30 yrs
Term remaining: 19 yrs
Amt remaining: 63,658
Gross rent: $850 (includes utilities which are less than $100 per month)
P&I: $430/mo
T&I: $60/mo
HOA: $220 - includes utilities
Deferred maintenance - here's my biggest concern. I'm CERTAIN there will be huge maintenance costs in the future. I think the HOA board has mismanaged money and needed repairs, but I've mostly been ignoring this ... up to now. We lived out of state for a while, had great tenants, it just didn't take much effort to keep it rented, so I just went with the flow on it.
I could probably raise the rent, but I get a lot of personal satisfaction out of helping someone live here at a more reasonable price. Rents are outrageous around here. And all of my tenants have been great!
We are very financially stable - large emergency funds, no consumer debt, no student loan debt, etc. Retirement accounts are on track.
We own another property (outright) in the mountains nearby. And we live in another condo within five minutes of the rental unit here in Boulder. We owe less than 100,000 on the one we live in. We plan to use both condos as rental properties once we retire to the mountain house ... in 5-10 years (both could be paid off by then now that I have our finances more on track).
I could also use advice on how to learn more about HOAs, being a landlord of a condo, etc (suggested readings?)