Turning Current House Into Rental Property
Hello, I am currently new to BP, but have been listening to the podcast for several weeks. My wife and I currently live in a nice neighborhood in a 1200 ft 2 bedroom 1 bath, on about a third of an acre. We have about 10k in equity in this house, and the mortgage is only $540 a month. Wife purchased the house for 87k 2 1/2 years ago, and we had a real estate agent quote us a 100k property value. Currently We are considering moving to a larger house, and making this house our first rental. Rentcafe.com states the average rent charged for a house this size is $840 a month. Any thoughts or advice on this, or book recommendations? We would be moving into a house that’s is currently selling for $170k, but would be a live in fix. Currently compa in that area are valued for $200k +.