Hello Everyone! I'm new to the boards and present a real estate dilemma for your consideration.
I own a rowhouse in DC (H St NE neighborhood) but relocated to San Diego a few years ago.
Paid $359K in 2010 and like most of DC, it has appreciated a lot since then. $280K balance (20 years left @ 4% fixed). Mortgage is $2400/mth. Could rent it for apprx $3k/mth.
Family members have been living in it since I moved out, but they're vacating May 31st.
To hold it (and rent it out legally), I'll need a DC business license and pass a home inspection. Unfortunately, the home needs about $100K in structural work and other renovations to meet the inspection requirements (previous owner *attempted* to convert the home into a multi-family property on the cheap). FYI - These repairs won't add commiserate value to the home. I've also had minor flooding in the basement this year due to heavy rains.
I love the neighborhood, but does it make sense to sell and move on? I have no idea if/when I'll move back to DC.
Or do I invest the money and hold it long term? Any experience managing renovations from across the country?
FYI - This is also the last year I'm eligible for the $250K capital gains exemption.
Appreciate any thoughts on this!
