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Updated about 5 years ago,
Should I sell my first rental?
my first rental in Chattanooga
Bad
Constant maintenance issues
Capex (roof right around the corner/old ac unit)
Has yet to cash flow broke even maybe even gone negative since ownership
Good
2014=63k 2019=100-110k
New sports Stadium going up down the road with restaurants and lodging
Mortgage=512 with escrow
Rent= 895
The way I see it after fees and closing I could get 35k out of a sale
Refi scares me with it not even cash flowing now
10% pm
10% capex
8% maintenance
7% vacancies
=35% of 895
313.25 operating expenses plus 512 mortgage and escrow
825 = 70 month cash flow over time
70x12= $840 annual
840$annual vs 35000sale that’s 2.4% on my money.
Am I doing this right? Please help cause if it is I’m thinking I should sale what do y’all think?