Clarification: My father gifted half ownership to 4 children one year and the remaining half the next year to avoid gift tax. As several pointed out, inherited was probably wrong term. The change in title triggered the property tax assessment. My brother is a lawyer and believes the new assessment was legal, but I have serious doubts given my understanding and the feedback here. I have asked him to re-evaluate.
Last refinance appraisal was $550,000. Mortgage balance is about $330,000. Value today may be higher. If so, may be enough equity to sell and reinvest funds in more productive asset. Older home with in-law cottage. Lot large enough to sub-divide.
I agree that yard maintenance must go. One of the siblings is performing property management duties and I agree that fee $240 must be eliminated. It is top heavy.
We have an extended family as tenant in second year. Lease expires in March 2016. Not sure if they want to extend for another year or if they would be able to handle a $400-$500 increase in rent. Area may support $300 to $400 jump in rent and my next step is to update rental research to confirm.
Other expenses: Bank Charges: 3.58, Internet (accounting): 14.95, Insurance: 133.97, Office Supplies: 12.00, Repairs: 197.00, Utilities: 99.10. Not much wiggle room here. Older property with known problems in sewer line. Uses well water. Older bathrooms and kitchen. Otherwise sound.
I want to thank everybody who responded to help us. I am grateful and have significantly more information to make better decisions. Thank you all.
