A little background on this property that is causing so much trouble:
This was my husband's house before we were married. He purchased it for too much from a family member. We wanted a house in a better area (people have been murdered right outside this house), so we decided to rent it out rather than sell it at a loss. Every tenant has been an issue for us. After one committed suicide and another threatened my husband with a gun and stole our appliances we handed it over to a rental company. Even with the rental company, our tenants have all stopped paying rent at some point, caused damages that went way over the deposit and have been evicted. Our last tenant was evicted a couple weeks ago. Her deposit went to unpaid rent and the damages are $1,700. Since the house is vacant, we feel like it would be a good time to check into our selling options. My question is should we sell at a loss, fix damages and rent again, or refinance before renting again?
Here is a breakdown of the financial information:
Mortgage left on house: $36,242 at 5.5%
Zillow estimate: $28,000
County Estimate: $24,770
Amount charged for rent: $450
Mortgage monthly payment: $367
Rental company fees: $40