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Updated almost 6 years ago on . Most recent reply
Sell this condo, right?
I purchased a condo in Portland, Maine with cash five years ago for $155K. It's worth $280K today. The appreciation has been great, but it feels like it has run its course.
Rent is $1550. Expenses are an HOA fee of $313/month. It's a very nice unit in a great location (A-/B+) in an attractive, well-run building. Super easy to self-manage. I have always had problem-free tenants, only been vacant for 1 month total and maintenance has been extremely minimal.
If I did a cash out refi I wouldn't even break even.
Should I sell it and 1031 into something on which I can generate more cash flow? And if there are any Mainers here, any recommendations for markets in Maine with more attractive cap rates and appreciation outlook (not interested in out-of-state investing)?
Most Popular Reply
Sell it, Portland is hitting its PEAK! Lewiston/Auburn has a lot better Cap rates buying off market.