Should I sell or find new tenant and rent out
Home value is 325k - 350k
Purchased at 160k and refinanced last year at 2.75% and still paying off closing costs for another year
Current Loan balance $108000
Current mortgage $869
Rehab needed $15000
Rental income estimated $2000-$2350
Due to bad management and tenants, I have lost over $15k over 8 years
Tenant was delinquent since February and finally left, but the home needs now work. It is in a great city and neighborhood in Cordova TN. Large single-family home 5 bed and 2.5bath. Realtor says homes are now staying on the market longer than before and dropping in value a little due to interest rates increasing and inventory slightly increasing. I got an offer for 325k cash as is. How should I be looking at this?
Thank you and appreciate any advice.