Sell this home or rent it?
An owner-occupied townhouse next to an university in NJ where most of the tenants are students. It is worth 280k. Will rent for $1800/mo easily. Owes to the bank about 120k, the equity is 160k. Property tax is $6100/yr. Mortgage payment is about $800/mo. Association fee $165/mo. The returns are poor I feel, if I keep the house and rent it out.
However if I get the equity out, I could partner with someone to do some fix and flips. So i am leaning towards selling it.
Whats your thoughts?