Las Vegas Rental Decision
All,
My wife and I have a rental property in NW Las Vegas which I have been renting to my sister and her family. We purchased the house (4br/2.5ba) in 2010 as a short-sale for $142k (25% down on a 15-year fixed at 4%). We did the 15-year mortgage to pay it off quicker rather than cash-flow. Anyway, after renting it for 3+ years, they are now considering leaving the area. Because it was my sister, our expenses have been reduced in terms of property management and other costs. If they move I'm sure these costs will go up as we live in California. We current have the rent at $1250 a month. It's possible that could go up a bit but I'm not sure. I got a recent estimate of its value at just under $200k.
So, given the above, we're trying to decide if we should simply continue renting the property out or perhaps sell it and invest the profits in another area. Anyone have any thoughts on the current and future prospects for rental properties in Las Vegas? We probably don't have to make a decision until this Summer but I'd appreciate hearing opinions.
Glen