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Updated over 5 years ago,
Should I sell my Northern Colorado rental?!?!?!?!
Hello!
I'll try to make this short... I bought a primary in 2013 for 175k before the boom in Northern Colorado, which is now a rental. The mortgage is $1000 and it rents for $1650. Because we lived it two of the last five years if I sell it within the next 11 weeks I won't have to pay capital gains tax. in case your not familiar with this market, at this time, 11 weeks is not unreasonable and homes in this price range generally go under contract in a few days. I owe 165k and I could likely sell it for 300-310 (if not more but I want to be conservative). I do not have a real estate license so after fees I think I would walk away with ~117K. However, I love the home and we were hoping to move back in our girls left and it was paid off. In truth, we've had to put a lot of money into it (new floors, fence, windows, bathrooms). Much of the money came from a refi but we just had to lay out about 12k more.
So my options are to sell now and walk with the cash or keep it as a long-term rental for passive income now that a lot of the issues have been addressed. Thanks in advance!