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Updated over 3 years ago, 03/11/2021
Should I hold or should I sell?
Hi team, I have a rental (so far my first and only) in a suburb of Indianapolis. I purchased this home for 190K and put around 45K into it. The value right now is somewhere between 275-280K. The outstanding mortgage is 170K with a mortgage payment of $750 once you include taxes, insurance, vacancy, repairs my monthly is around $1,435 and it rents for $1,800.
It's a nice house, but is starting to wear down and the tenants want to purchase the house. I've owned for about 1.4 years and after the sale and would make around $25,000 after paying myself back for the repairs. This would free up around 60-65K to BRRR other rentals. Your thoughts?