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Updated over 6 years ago on . Most recent reply
Negative Rental in high end area of Chesapeake, VA (Great Bridge)
I am currently renting out my former primary residence in Chesapeake, VA for $2400 a month (built new in 2001 with some upgrades over the years). I moved to the NOVA area a year ago and have a realty company providing property mangement. House is 3500 SF on 1/2 acre on cul de sac, w/inground pool, expanded deck, outdoor kitchen/roofed grill area, fenced, sprinklers, excellent shape, etc. It was supposed to be my forever home, but life happened.
Current tenants have a lease that ends in June 2019. Problem is the 1st is $280k and the 2nd is $88k. After mtg, 2nd, taxes & insurance I'm in the hole about $800 a month. Comparable homes in the area go for anywhere from $420 to $500k+ depending on subdivision. I could work on paying down the 2nd, but that would take about 5 years to get any benefit.
Should I try to sell it as a turnkey rental property to another investor, or keep it and pay down the 2nd?
Just looking for feedback. Been waffling about what I should do...