Should I simply rent it out...

[Carolyn Miller]

I have a small home in OK I"m trying to sell. I put it on the market in February (not listed with an agent or on MLS). I've had lots of inquiries but no-one has had good enough credit to get pre-approved or write an offer. It's an older home with old wiring, old roof but everything is in decent shape and operating. Here are the financial figures for it:

Asking price: 54K
mortgage payment: 355
monthly rent would be 650
annual taxes: 385, ins 400

I'm thinking of just renting it out. Rental mgmt company says it should easily rent at $650 month and they have a waiting list for rentals. I know that this doesn't pass the 50% test but I own it and it its empty I'm just paying.

I'm looking to purchase property in another state and would love to have my equity out of this one (10K if we net 50K). But each month it is empty I think I should get it rented.

Should I rent it out? We live about an hour from the property but are considering a move to CO where we will not be within commuting distance.

Or should we hold out for a buyer. I'm concerned about missing out on first time buyers if we rent it it out.

In your experience is it worth spending about $1000 to fix up (paint, landscape, change some fixtures etc) for potential sale or is this money down the drain?

Should I pay to list this on MLS ?

Thoughts? Advice?

Thanks

Carolyn