Rent or sell in GreenAcers
I currently own a single family 5 bed 3 bath property in Greenacers Fl. Last year I moved from FL to GA, and leased (as I was not sure if I would stay in GA or return to FL) my house to a tenant for $2450. per month, since that was the going price for properties similar to mine. The rent does not include HOA fees, pest control nor lawn maintenance.
I had no experience with real estate management at the time. I recently received a mortgage increase from my bank which brings my current monthly expenses on the house to $3000.00 After running the rent analysis on the property, I found that I am renting for less than 1% of the cost of the property. With the current rent minus monthly expenses, my out of pocket expenses is actually close to $600 per month.
I am trying to decide at this time what is the best option to at least break even. Sell the property or increase the rent to break even. I figure if I increase the rent to break even with monthly expenses, I will risk either losing my tenant or having to advertise the rental property for more than the median rate. My current tenant has expressed interest in buying. With that being said, selling seems to be the best choice. However, I am not sure, and would like some advise on what you think would be the best option for my situation.
Sell by owner - to avoid realtor fees
Raise the rent
Rent to the current tenant with option to buy
Please help!!!!!