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Updated about 3 years ago on . Most recent reply
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Where to go from here? Brooklyn property with low cashflow
I have a single family property in Brooklyn with a MIL suite that I originally bought to live in in 2018. right now its rented out.
- MIL unit is 1 bedroom apartment = $1500/m
- Main unit is 3 bedroom apartment = $3200/m
- detached garage =100/m
- Total cashflow 4800/m
- Mortgage + expenses = 4500/m
- Cashflow 300/m
I originally purchased this property for 870k with 20% down (roughly 174k) Right now its roughly worth 1 mil and I have 690k mortgage. It has appreciated roughly 130k since I purchased it, so roughly 3600/m in 3 years of appreciation (or 5% per year). So my question is should I sell this property and look for better cash flow or keep it and be patient? right now I would be able to sell it without any taxes since I lived in it the last 2 out of the 5 years. Thanks in advance!