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Updated almost 12 years ago,
Should I rent or sell
Hi all-
Not a unique question but one that I've been stressing about for a few months that I'm hoping you can help with.
Stats:
Location: Seattle suburb.
Paid 220k for it in 2007 (not really relevant anymore. We were living in it for a few years))
Currently owe: 120k
Current value (per Zillow): 140k
Rent Revenue:
Current rent 950/mo (Could potentially rent as high as 1100 but we are renting to people who take care of it and we know so we are willing to discount)
Expenses:
600 in interest per month
300 in HOA
200/month to insurance, prop tax
Obviously, at the moment, it is a money loser both from a cashflow perspective as well from a profitability perspective. The question is, keep renting with a refinance? Or sell?
If we refinanced, that would cost 1 or 2k but would drop the interest cost down to $450, so basically we would then be breaking even (except for non-scheduled costs including a $500 move-in/out per renter fee).
So yeah, any reason to keep this place or am I just silly for holding on to it?
Very much appreciate any input!