All Forum Posts by: Loretta Loretta

Hello all, I own a 1/1 condo in the DC suburbs. I tried last year to sell it but was unsuccessful. I no longer wish to live here due to various untenable situations. (Snakes inside, crime in the community, an HOA board that's as unhelpful as can be). I rented the place out in 2008-2012 when I was away for my job. It was a lackluster experience: different tenant each year, some more flighty than others, crap property mgmt company. Now I would definitely like to live elsewhere. If anyone has any advice for me I would appreciate it.

My realtor has hosted many open houses for me and i just lowered my asking price down to 189.9.  Unfortunately all my funds are tied up in equity so I would need to rent if I move out although Im saving aggressively now with an eye toward moving.  I just don't think buyers are shopping for 1 bedrooms.  

Is renting out my condo and moving 2-3 miles from work a good or bad idea?  I must get out for my mental health.  I have the unit up for sale but so far no offers (this is roughly day 70 on the market.)

1 bedroom/1 bath
Market Value: $186500 per pillow
Original Purchase price: 227K
Original Mortgage Amount: 178K
Interest Rate: 3.875%
Mortgage Term: 20 yrs
Term remaining: 18 yrs
Amount remaining on mortgage: 132481
Gross Rents: 1400/month according to my realtor would be reasonable to expect.
Principal and Interest: 835.72
Taxes and Insurance: 150/month
HOA costs: 273/month
Deferred maintenance notes: Replaced HVAC in 2012, everything is in good working order.
I also have to pay a town assessment of $625/year
Property mgr fee is 8% of the rent. I am not inclined to manage the property myself.

I have the unit up for sale which is my first choice. Renting it out is Plan B and I would then rent an apartment in close proximity to work for roughly 1850/month.  I am nervous.  Please tell me if these seems doable or not.  Good idea or bad idea to rent out my condo and rent an apartment closer to work?  I make $84K/yr at my job and have no dependents.