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Updated 10 months ago on . Most recent reply
![Pradeep Prabakar Ravindran's profile image](https://bpimg.biggerpockets.com/no_overlay/uploads/social_user/user_avatar/1797565/1621515643-avatar-pradeepprabakar.jpg?twic=v1/output=image/cover=128x128&v=2)
Sell primary residence or keep as rental
Hi forum,
I am a first time poster here and I would really love some advise on my situation. I currently own a 3Bed / 3Bath duet style home in the Bay Area. I got a job offer in the Northern Virginia area and I am planning to relocate there. I am in a conundrum on whether I should sell my home or rent it out.
Here are some details that might be helpful
Mortgage - 2920 (2.875% interest rate), Property taxes - 1000 per month approximately, HOA - 450 per month, insurance 150 per month
The maximum rental that I can get for this property would be around 4000 per month.
From my estimations considering vacancy rates, cost of maintenance etc - I would be at a cashflow negative of around 1300 - 1500 dollars per month. I am also assuming that I will hire a property manager.
My house has appreciated quite a bit since the time I had bought it in 2020 for 870k and right now its probably worth around 1.2million. The house is in a pretty great neighborhood with excellent schools and options to commute to most parts of the bay area and I am confident that I will be able to rent it out soon.
The area here is pretty desirable and typically houses have appreciated around 5%. Even though the cashflow is negative now, would it make sense to hold the property for potential appreciation ? I am also nervous about my move to the DC area wont work out and I will have this house as an option in case I want to return to the bay area and will never be able purchase a similar home if I sell it.
Most Popular Reply
![Mike Hourihan's profile image](https://bpimg.biggerpockets.com/no_overlay/uploads/social_user/user_avatar/864661/1621504644-avatar-mikeh276.jpg?twic=v1/output=image/crop=1253x1253@11x49/cover=128x128&v=2)
@Pradeep Prabakar Ravindran I hope you don't mind cold weather. it's in the 30s right now here in Maryland