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Updated about 5 years ago on . Most recent reply
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Should I sell house or keep renting it?
Deciding if I should continue renting this property or to sell-off. I moved out of it to move closer to work so I'm 45 minutes away from it.
Current Mortgage: $161k Balance @ 4.625% 20 years conventional- 12 years left. Refinanced about 7 years ago from a 30 conventional to 20. Heloc: $14k @ 9%. Total monthly payment with insurance(2500) and taxes(11k) is $2600. Current Value: $450k.
mortgage break down :$1432 $811.10 is principal / $621.19 is interest
Has been rented for 5 years to current tenants, but they are set to be moving out of state. Currently, there is no way to value add to get increased rent unless I rent out each room to different people which would be a headache.
The house is located in Suffolk county long island NY the area is a middle-class suburb(94k household income avg). The house was purchased in 2001 for 300k. The current value is approx $450k.
House is in relatively good condition, the roof is 10 yrs old, windows 8, the boiler is 3 yrs old, the siding will need to be replaced in the front soon(5k). The kitchen was remodeled 12 yrs ago. Possible replacement of a few appliances coming up. General maintenance will be needed. There is a pool that has not been in use in 5 years so I'm expecting that to possibly be an issue but it was never in the lease so unless that changes for the next tenant its not a concern. Since it's been rented for 5 years there have been no major repairs thankfully, but that's always a possibility with any rental.
What would you do?