sell or hold rental property
Tenant moved out of our 5 bedroom rental house last end of July. Have owned this property 11 years and was our primary residence until 5 years ago when we started renting it out.
Market for selling has picked up here in the Minneapolis area and we are considering selling this property as we haven't been able to hold tenants ( both prior tenants moved out due to buying houses) and have had filthy tenants with pets that have destroyed carpet and parts of the house. We are in the process of fixing up the house and will be having new carpet put in throughout the house next week.
Wondering if it makes sense to hold this property and go pet free or sell. We paid 280k and owe 198k on this house. Real estate agent said we can sell it for 350 to 375k.
We were collecting $1850 per month in rent on this house (we didn't raise the rent on the previous tenant) however we would be increasing it if we continued to rent it out.
Any helpful thoughts on keeping this as a rental or selling it?