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Updated about 9 years ago,
Sell OR Rent?!?
My first home that I've lived in for 7yrs+ is now up for sale or rent due to a job transfer way out of state.
I originally purchased it to be a rental as its a great location size etc. the #s look like:
Mortgage (P&I) $414 (awesomely low!!!!!)
Insurance/tax/hoa etc: $480
Market rent rates $1400 + or - $50
So a great cash flow of around $500ish
I purchased house for $100k and could sell it for around $155ish easily (have several offers). Neighborhood is 80-90's builds so it's def aging,but will remain a fairly solid neighborhood.
IF we sold it we would have around $70k in cash after fees etc. the new market we're moving to is very difficult to find a cash flow property that makes sense. (Alaska is tough). quad or triplex we've see doesn't make us $500 a month and the price is around $400k or more so very expensive compared to TX.
Should we keep the single family and landlord long distance OR sell it and take the cash?!?!?!?
Either way is a good option but we just can't decide and I could def use some advice, different perspective or what would you do and why
Thanks in advance