Cash Flow for my property ...... Good or Bad
Hi,
I did the four square method last night on my property. Please let me know if this is correct? I might be able to get $1500.00 per month for this property, so lets say $1500.00.
Rental Income = $1500
Vacancy = $100.00
General Repairs = $100.00
CapEx = $100.00
Mortgage = $760.00 ( Includes Taxes and Insurance in monthly mortgage )
This is all of the overhead that I have now.
Income - Expenses
$1500.00 - $1060.00
Cash Flow = $440.00
We owe $39,000 on the property. 3 bed / 2 bath / 1385 sq foot home. Property worth about $240,000 - $260,000 today. ..... Mortgage started out at $107,000. Interest rate is 3.62
The home has a new roof, new appliances, new plumbing. Since it was built in 1978 the layout style is dated looking, but nice and clean Ranch Style.
Still trying to figure out whether to Rent or Sell? What do you think? ...... What would you do?