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Updated over 7 years ago,
Sell Or Rent Philadelphia ?
After 2 great years in this city I am ready to start adulating, pack my bags, and move to the burbs where the girlfriend and I are planning on getting our first place together.
I bought a condo two years ago in the Spring Garden section of the city kind of nestled between Fairmount and Northern Libs.
My question is in this market and with some of the statistics below, would you rent or sell the unit?
Bought the condo around 290K and believe if I sold it now I'd probably break even after fees and commission. Unit is 3 years old with a 7 year tax abatement still left. Currently the mortgage, taxes, and HOA are running me about $1250/month and believe I can rent this 2bdrm unit for around $1500 or more. I have 60K tied up in this place which means I wouldn't be able to put much down on another home.
Thoughts?