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Updated over 10 years ago on . Most recent reply

User Stats

4
Posts
1
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Loretta Loretta
  • Herndon, VA
1
Votes |
4
Posts

Good idea or bad idea?

Loretta Loretta
  • Herndon, VA
Posted

Is renting out my condo and moving 2-3 miles from work a good or bad idea?  I must get out for my mental health.  I have the unit up for sale but so far no offers (this is roughly day 70 on the market.)

1 bedroom/1 bath
Market Value: $186500 per pillow
Original Purchase price: 227K
Original Mortgage Amount: 178K
Interest Rate: 3.875%
Mortgage Term: 20 yrs
Term remaining: 18 yrs
Amount remaining on mortgage: 132481
Gross Rents: 1400/month according to my realtor would be reasonable to expect.
Principal and Interest: 835.72
Taxes and Insurance: 150/month
HOA costs: 273/month
Deferred maintenance notes: Replaced HVAC in 2012, everything is in good working order.
I also have to pay a town assessment of $625/year
Property mgr fee is 8% of the rent. I am not inclined to manage the property myself.

I have the unit up for sale which is my first choice. Renting it out is Plan B and I would then rent an apartment in close proximity to work for roughly 1850/month.  I am nervous.  Please tell me if these seems doable or not.  Good idea or bad idea to rent out my condo and rent an apartment closer to work?  I make $84K/yr at my job and have no dependents.

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