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Updated about 4 years ago, 09/16/2020
Should I sell my duplex?
I bought my first duplex a year ago. I knew that diving in and buying my first investment property would be risky and I would have a lot to learn. Unfortunately, I picked a property that needs some big maintenance items addressed. I bought a property in Bedford, Ohio for $85k and I am currently bringing in $1610 total in rents. My monthly payment for my mortgage/insurance/taxes is $723. The property is in need of a new roof, the furnace is about 30 years old but still working well, and there is a crack in one basement wall that although isn't too bad and isn't causing problems at the moment, I need to consider repairing in the future. With all these things combined, I was thinking I should sell rather than getting started on the roof replacement and anticipating the other big ticket items. Do you think I should sell? Fix the roof and then sell (would my value go up with a roof replacement?)? Or should I keep the property and deal with the the maintenance items as they come up? I should also note that I have been furloughed from my job since March with no return to work date yet, so this is surely adding to my stress as I do not want to use my personal savings at this time to pay for a new roof. Any advice would be greatly appreciated!