Dilemmia, Rent or Sell in Silver Spring, MD

[Karen M McCarthy-Chow]

Dear BP Community,

My husband and I are having difficultly deciding on renting out or selling our house.  We will be moving and house hacking with our son and daughter in law. We have currently about $700K in investments, and I co-own a rental property with my sister. I currently net $1K monthly from the rental. We plan to split our time between our daughter who lives on the westcoast and our son who lives on the eastcoast, work part time, live off passive income from our investments and the rental.  We had planned to rent out and estimated $2,200 monthly in rental income. Now, our next door neighbor's son is interested in buying our house for $530K, as is, and pay the closing costs. We had 2 realtors look at the house a couple of months ago and they estimated betweent $450k-$525K.  Our house is in good shape but we anticipate repairs such as a  new roof and HVAV in the next couple of years. We paid $410K in 2008 and paid off the house in 2019. We are torn between keeping our house as a rental or taking the opportunity of selling the house without paying a comission and additional costs.  We are in a desirable area, close to Washinton DC, good schools and infrastructure and believe our house would retain it's value. We would appreciate any thoughts or advice.  Thanks!