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Sell or rent my house?
My wife and I have an opportunity to move in with her parents (they are getting older and have a nice 5 bedroom house) and we are trying to decide if we should rent out or sell our house. we have a 4 bedroom 2 bathroom 2,444 square foot home on a well and a septic, which is pretty common where we live. If we sell we would get about $90,000 after all is said and done that we could use to invest from scratch. If We rent we could get about $2,000 a month gross. Mortgage (including taxes and insurance) is $1460 a month and if we had a property management place the one we have take to and gets good reviews is 8% so $160 a month. I am not sure how much to budget for repairs but with mortgage, and management we have an extra $380 a month for repairs. We have talked about selling and using the money to buy a couple property that were a little smaller so the upkeep would be less and if we know they will be rentals we could maybe look for stuff in town where it has city water and sewer.
We would love any advice anyone with experience has to offer.
Thank you.