hold or sell

[Randy Rought]

I bought a foreclosure Condo (2 bed/1 bath) in Colorado Springs a while back for $50K cash. We have been renovating it and I have been doing the work myself because right now I have the time and luckily enough the talent. We have been flip-flopping back and forth between renting it out, or outright selling it. We live about an hour north of the condo, and if we rented it out, I would be the Property Manager.

This is a nicely renovated 860 sf, 2 bedroom, 1 bath, fireplace, reserved parking space, trash included in HOA.

If we rent it out, we would be able to get ~$725 month, with $175 HOA fees. It is a gated community, and has well kept externals (newly paved road & parking; well trimmed yards). There are no other real community amenities.

We estimate the ARV price is $75,000 and our renovation costs were $8500.

What are everyone’s thoughts – would you rent it out or sell it?