Unfurnished vs Furnished Rental Property Return Calculation Help

[Gil Happy]

Hello,

I am trying to determine which is the better return (ROI, Cash on Cash, etc) for furnished vs unfurnished for a condo rental property I own. Here are the details:

- purchase price was $153,000 in 2005

- paid mortgage in full in either 2006 or 2007.

I am trying to determine which is the better return whether I do fully furnished (where I pay for all of the utilities, my furniture etc) vs unfurnished (tenant pays utilities and provides own furniture). I have been renting fully furnished for the last 9 years or so and I'm thinking about switching to unfurnished.

- condo fees = $3480 / year

- property tax = $2038 / year (2018)

- Utilities = $2535 / year (2018)

- Rent in 2018 = $15550 (~9 months), rent in 2017 = $10850 (~5 months), rent in 2016 = $23000 (~10 months)

I have seen rental listings in my building for ~ $1800 / month unfurnished. My furnished rental rate is in the neighborhood of $2250 - $2500 / month. Obviously the unfurnished is probably a better return, but I'm looking to build a spread sheet etc where I can just plug in the numbers, etc to see the ROI / Cash on Cash difference.

Any help is greatly appreciated!