All Forum Posts by: Andrew Wick

Thanks everyone for your responses and good point on the taxes, Derek! I guess I could always try being a landlord for the next 2 or 3 years (I've lived in the condo for the past 10) and if I don't like it, I could sell before the 3 years is up and avoid cap gains. I really appreciate the insight!

My wife and I are buying a house and I was wondering if we should sell our condo. The house we are buying is 0.5 miles away from the condo so we were planning on handling the property management ourselves. We are in Colorado Springs which is a hot market. Here are the numbers.

2 bed/ 2 bath 1,100 sq ft.

Purchased the condo 10 years ago:$128,500 (currently owe $97,000)

Current estimate: $215,000

Mortgage (P&I): $550/mo

Taxes: $55/mo

HOA: $220/mo

Rent Estimate: $1,400/mo

This would become our first investment property if we keep it as a rental. Curious to hear any thoughts as to what we should be considering. Thanks!