The rent started off at $800 when I left in 2012. Since then it has gone as high as $950, and right now it is sitting at $900. The 15year escrow pays for principle, interest, county taxes, and insurance. I have $95k liquid cash stuffed in shoe boxes, and my credit score is in the 800's.
I definitely don't have the numbers Rudy Hernandez and Andrew Johnson have mentioned in previous posts, and now I'm thinking I'm actually either breaking even or losing money. I recently had to replace the entire backside of the unit with almost $3000 worth of hardy siding because I was tired of paying $800-$1000 a year (on average) to replace wood rot. I definitely see your point with your roof replacement example.
Also in my 5 years the unit has averaged being vacant 1 month per year.
Short term: I'm at 11years active duty, and hope to retire from the USAF so I can pursue becoming a sky diving instructor around the world.
Long term: I want to have enough rental properties to fund a charity.
The moment I signed up for the forum is the moment I left my ego at the door. I didn't have much to begin with, but hearing how I've screwed up is better than not knowing at all. Is there a particular calculator I can use to re-evaluate this property? It has rented fairly well, and I have no plans on ever selling it. I am also ready to get more properties, but I don't think I can just pull the trigger again without help. Thank you for responding, and please keep it coming.
