My First Property!

[Lisa Ryan]

I almost bought my first property a year and a half ago, but during the inspection things fell through. But now I think I have it. The numbers aren't too great, but here they are:

Rent: $1,300

Mortgage: $850 (approx 200 principle, 320 interest, the rest taxes & insurance)

Yearly taxes: $2,400

Yearly insurance: $800

Est. monthly repairs: $130

Monthly PM fee: $130

Monthly CF: $190

So why is it the perfect property? I already own it! I'm moving 600 miles away and have had my house on the market for 2 months with no bites, so rather then lower the price again, why not rent it out? I've also been wanting a rental property for a while, but recognize that I might absolutely hate it. Since I already have this house, it's not the same thing as going through all the buying costs again, getting a much higher interest rate (I got mine near the bottom, 3.375%), and then realizing I don't like it and selling it (more costs). Ideally I'd like something in my new city, Charlotte, which I think is a goldmine of good rental properties, but since I already have this humble NE Philly abode I'm going to run with it for now.

I'm in a 6 month contract with ReMax for selling my house that expires in mid-august. I want to tell my agent that if the house is not under contract by the end of May I'm going to pull it off the market and keep it as a rental. Any advise on how to do this?