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Updated about 7 years ago, 11/21/2017
Does breaking even on rent make sense
Good morning! I currently own a rental property in Minneapolis. Single family, 3br 2 bth. Our current tenant is leaving at the end of the their lease. I am told by our current management company we could increase rent to where we would break even each month after taking out 5% each for vacancy, repairs, cap ex and $125 for mgmt. fees. We originally rented because we were upside down and left town for work. We still live out of state. I could sell and break even or net $2-3K after all realtor fees are paid from the sale.
Does this make sense to hold on to the property if we can break even? Or should we sell?
Any help is greatly appreciated.
Curran Quinlivan