Should I rent out or sell my condo?

[Mike Bagden]

Hello,

I bought my condo back in 2011 for 220,000. This was our first home purchase in Woodland Hills, Ca. We put enough down where our mortgage payment is around $750.00 per month, HOA dues are around $310.00 per month, and tax is a few hundred dollars per month. I know other owners can rent their units out for at least $2200.00 per month and our first inclination was to rent this out and purchase another place but there are some issues.

Our condo was built in 1979 and the management company and board are awful. There has been very little if any oversight of contractors; the roofing contractors failure to maintain resulted in water intrusion in my unit which they agreed to fix. Our HVAC system will need to be replaced within the year, and the parking structure and roof are not aging well. I have heard rumors of "special assessments" in the future to cover these costs. The complex also does not have earthquake insurance.

My gut tells me to sell this condo after I get the drywall repairs done; other units are now selling for 380,000 or so. I would appreciate some input from experienced owners so that I know I will be making the right decision.

Thank You,

Mike