Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Buying & Selling Real Estate
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 5 years ago on . Most recent reply

User Stats

6
Posts
0
Votes
Dennis Hajan
  • NY-LI
0
Votes |
6
Posts

Should I sell house or keep renting it?

Dennis Hajan
  • NY-LI
Posted

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?

Loading replies...