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Updated about 8 years ago,
Sell, rent, or 1031
Hi all. I'm new here and have a case study I'd like your opinion on.
I currently have a single family home in Aurora CO 80015 that I bought for my mom to live in as a first property, but it's gotten to be too much for her. She didn't pay full rent, hence I lost a fair amount personally, but now she's moved to an apartment.
Here are the stats:
Purchase price: 250k
Interest: 3.875
Current value: 315k
Market rent: appx 1800-2000
I'm trying to decide if I should keep it and rent it out (CO is a 'good' market at the moment), sell it outright and reinvest the money in the stock market, or move onto something like Rootstock and do a 1031 exchange and see if I can get the money I have invested making some cash flow. I have only had this one experience with my mom and know the area well since I grew up in CO. I've never bought under a 1031 exchange, but there's a fair amount of pressure given the timelines, hence the appeal of Rootstock.
The property just barely cash flows but the market is healthy and there's the drama of moving to states I don't know etc.
What do you all think? Much appreciated!