New to R/I. Looking for advice on whether to sell or rent my condo.

[Mike Downey]

I have no rental properties at the moment, and I am in real estate investment learning mode at the moment. I am in the military and will be moving at the end of 2023. I currently own (not paid off) a condo and I am looking for advice on whether to sell or rent the condo when I move. I paid $225k for the condo and my current mortgage is at $206k. If I use the $225k in the BP calculator, this property is slightly negative cash flow. I initially bought this condo without the intent to rent. Now that my total mortgage is down, should I use the $206k price when calculating in BP? Using $206k will give me a slightly positive cash flow. Thank you. 

-Mike 

[Mike Downey]

Quote from @Will Biestek:

Hello Mike,

What can a condo like yours rent for?

From there, subtract out your mortgage payment and other expenses that you would be covering and find out if the end result is a number that is worth it for you.

There are also plenty of other factors involved here....do you need to sell this in order to purchase another property in your new location? Or will you be not needing housing?

Either way, I'd first found out if this condo is going to cash flow based on your current mortgage payment, tax payment, and insurance payment. 

Happy to offer additional suggestions if you have further questions

Hey Will. Thanks for the reply.

This condo is going to rent for right around $2000/month. If I use the $225k for my calculations, there is roughly a negative $30 cash flow after accounting for everything. If I use the $206k that I owe on the loan (not sure if I should be using this number??) it is positive cash flow.
I do not need the money from selling at this time.

The condo will most likely sell around $265k at this time. I will net around 30k. I will look to use this money in the near future on a different rental property to start my portfolio.

Hope that makes sense.