Updated almost 4 years ago on . Most recent reply
Sell vs Hold & Rent. Advice?
Just joined the forums and wanted to get some opinions regarding my predicament. I'll try to keep it short.
Bought a new house right before pandemic, never sold the old house. Wanted to rehab and rent. Rehabbed about 60% - Plumbing , complete bathroom renovation, new kitchen floors, etc.
It has been vacant since the pandemic, I've been covering the costs because I felt uneasy about our eviction moratorium. Didn't want to risk the additional headache. Also, I work a couple jobs, so timing/distance keeps me busy
My question now is, should I continue to try to finish & rent this place out, or should I sell it for it's record value and buy something else?
Here are the numbers:
Location: San Fernando Valley (Los Angeles)
2bd/1ba - 850sq ft
Remaining balance: 314,000
Zillow estimate: 676,400
Redfin estimate: 713,749
Rent Zestimate (Zillow): 2771 (I feel this is a tad high for such a small house)
Cons of the house:
Old roof mounted package unit, that eventually will need replacing (made in 1999)
Still need to repair 4 sides of fencing repaired/replaced
Driveway needs a slurry job
1 hour drive from my current house with no traffic
Lawn needs a redesign (more drought tolerant stuff) - It gets very hot in the valley
Pros:
Mortgage is only 1760 all in
Potential ~900 net/mo
I already have it...
If I did sell it, I would like to buy something closer to where I live, but I also don't want to get dinged with any unnecessary taxes either.
Thoughts or opinions appreciated