I have a 2/1 SFR currently rented. Bought in 2005 at 130k (stupid mistake), worth about 140k today but needs some rehabbing. Current mortgage is 80k. I have a great tenant who pays rent early and never bothers me but unfortunately the property is not cash flowing, at best it is breaking even. I am considering moving out of state and can't decide if I want to rehab and sell (my original plan and why I held onto it for so long) or keep it as a long term, out-of-state rental.
Mainly I am thinking about building my rental portfolio so I have income during my retirement (I'm 39, self-employed and have no 401k so I'm trying to plan ahead when I hit 65-ish.) By then the mortgage would be paid off and the property would be cash flowing. Although 20 years is a long time to wait for cash flow to start coming in.
I'm probably going about this all wrong. Would appreciate any insight you have to offer.
