Sell or Continue to Rent
Hello -
I'm looking for advice given a home that became a rental property. It's currently operating at a loss, and I'd like to get opinions on if I should keep this long term for potential payoffs 10,15,30 years from now, or cut my losses and sell the property.
For context here are some numbers:
$255,000 - Estimated appraisal of home
$230,000 - Current mortgage balance (I bought in 2007 with 0% down - I know, I know)
5.25 - Interest rate
$2150 - Monthly P+I, Taxes, HOA, etc
$1800 - Rental Income from property
$350 - Monthly losses on the property