Here's the situation:
In 2006, I bought an 800 square foot home for $280k to use as my principle residence. It's situated in a small city near a large Pac-12 university. In 2011, my wife and I moved to Canada. Instead of selling, we chose to rent it out because the value had dropped significantly (~$240k). The current monthly payment (mortgage, property tax and insurance) is $1550 and brings in $1150 after property management company takes its cut.
Now that the market has rebounded, I'm considering putting the home on the market. I'm aware that since it's not been my primary residence for some time, I have to take into account depreciation and pay taxes on the capital gains.
What other considerations should I consider when deciding whether or not to keep this property? At this point, the property feels like a forced savings vehicle for me. Are there tax deferral or minimization strategies that I should be aware of? Since I'm now a resident of Canada, I don't think a 1031 exchange is possible. Should I work with an agent remotely?
Because I am not a real estate expert, I would just like to make sure I've researched the pros/cons of selling or holding onto the property before moving forward with a final plan. I have a great deal of respect for the experience and expertise of the BiggerPockets community and appreciate any feedback.
