$18k for waterproofing or sell property

[Marty Jackman]

This is the first property that we purchased. We have lived here for 3 years. We are moving out and already have a 2-year signed contract for tenants that will be moving in immediately following our move for $1000/month. Our basement is halfway finished and has always had some leaking. The house was built in the 1920s and cost $68k. We currently have a mortgage of $400 with a 3.5% interest rate. The leaking has recently gotten substantially worse and the basement repair cost is $18k. We do not have the money to pay upfront so we would have to get a loan. The loan we were offered was a 15 year loan at 10.99%, coming in at ~$210 a month. We're leaning toward selling the property because we just want to be done with it. We will be moving 2.5 hours away and would be managing the property ourselves. What are your thoughts? Is the repair worth it to keep it, or jump ship and get back into real estate in the city we will be in? We could probably sell the house for what we paid for it and we would be happy with that. What is the process to cancel a rental contract from the land lord side?