Should I sell or rent my condo?

[Andrew Wick]

My wife and I are buying a house and I was wondering if we should sell our condo. The house we are buying is 0.5 miles away from the condo so we were planning on handling the property management ourselves. We are in Colorado Springs which is a hot market. Here are the numbers.

2 bed/ 2 bath 1,100 sq ft.

Purchased the condo 10 years ago:$128,500 (currently owe $97,000)

Current estimate: $215,000

Mortgage (P&I): $550/mo

Taxes: $55/mo

HOA: $220/mo

Rent Estimate: $1,400/mo

This would become our first investment property if we keep it as a rental. Curious to hear any thoughts as to what we should be considering. Thanks!

[Robin Searle]

@Andrew Wick - It all depends on your goals and situation.  If you don't need the money for the other property and you want to get into landlording/investing, it sounds like an ideal situation to hang on to the condo.  Rents are very strong in the Springs, but finding a cash flowing property right now is tough and you are sitting on one.  I do my own property management as well and with such a great market, finding great tenants isn't that difficult.  Good luck with it!