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Updated about 8 years ago,

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7
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0
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Mooko King
  • Oak Park, IL
0
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7
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Sell or keep rental property

Mooko King
  • Oak Park, IL
Posted

I bought a condo in 2006 at the peak of property prices, the prices have just started to come back up this year to the price I paid in 2006.  Last year was the first year I rented it out since I had to move out of the condo for a job relocation.  Currently I am renting it out for $1850 a month which nets me a profit of $2000 a year after paying off the mortgage, realtor fee, and all other expenses.  The current tenant is moving out and I'm trying to decide if I should continue renting it out or selling it.  Is this too small of a profit to keep it as a rental property or should I try and sell it now and recoup what I paid.  I am worried about unexpected expenses or vacancies, I am also worried if the market goes down again that I would be stuck with this rental property.  The unit seems to be easy to rent out from what I can tell but I'm not sure what to do.

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