Parents Florida Home

[Justin Melton]

My parents own a home near Sarasota Florida and are thinking of moving back to the Midwest closer to me.  They purchased the home in 2016 for 275k and it’s now worth around 575-600k.  They really don’t want to pay to maintain 2 places year round.  

They are deciding what do to.  They owe about $150k on the property and pay about $1500 for the mortgage.  If they did an annual rental of their Fla property, they could probably get 3-4k per month. If they did it seasonally Jan, Feb, March maybe closer to $6k per month.  

They are considering selling it and using that cash to pay for a place near me and not having a mortgage. I am an only child and will be inheriting whatever they purchase or their existing home if they don't sell it. Side note, their existing home's neighborhood does not have a HOA and the neighborhood is going downhill even though prices have appreciated. Any ideas, thoughts, suggestions would be appreciated.