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Updated over 2 years ago,
To sell now (November 2022) or try to rent it out?
Hey Guys!
College student here, graduating December '22 (2 months from now) I will be relocating from Lubbock, TX to DFW area in January (with girlfriend getting a job there, I don't have one lined up yet)
I have 3 properties total, 2 stabilized rentals, and one larger house that was supposed to be a flip, and I ended up moving into it instead.
Now I am faced with if i should try to keep the bigger house as a high end rental ($2,500 per month with my market average rent around $1,500) or sell it.
1. Sell: if I sold, would probably list under market value at 280k projected to NET 60k. I am worried with rates skyrocketing if I can even sell it at that price.
2. Rent: Would love to hold a hopefully appreciating asset in a great neighborhood, but may be hard to keep rented out as its not in a rental neighborhood and above the average price point
Background that may be pertinent: This house is on a floating rate, 20 year note owe 200k. I have 2 roommates moving out in December (house hacking now) ARV is 300k, updated interior looks great, but have an unfinished basement, and the exterior needs new fascia.
Any help/opinions are greatly appreciated! Really tough decisions here for me. Thanks!