My rental property, how is it?

[Bill Ward]

First post, just wanted to see what yall's thoughts were on this property. I'm the fell into landlord position guy. It was my residence, purchased in 2010 for $123k. I refinanced in 2017 to a 15yr mortgage, total mortgage payment is $900 month. Moved out in 2018 and have been renting it since then. Was renting at $1200 until this year, bumped it up to $1300. It's military area so new tenants every 9-12 months usually. I've had pretty good tenants and been using the cash flow to put back into the house and fix minor issues, so that when it's ready to sell I won't have anything to do to it. It's currently paying off $500 a month toward the principle. Doesn't have much maintenance costs, all utilities paid by tenants. Sometimes I want to sell it to not have to have any major issues (none yet), sometimes I think I should keep it forever. Current mortgage balance is $80K, should be paid off in about 11 years.  I'm just a cop so I don't have a huge salary or anything and don't have the desire to buy several properties.

Any thoughts or opinions?

Thanks,

Bill

[Joshua McMillion]

@Bill Ward

I'm curious why your tenant moves out every 9 to 12 months if it's in a military town. Most tours for Soldiers are at least two years unless you are going to a professional school for promotion. 

The investment sounds solid. I am a buy and hold guy who would tell you to use that cashflow to scale up, but you need to determine your goals. What are your goals? Why are you investing in RE: Passive income or something else? 

Sincerely, 

Josh