Pondering sale of 1st rental property for newer properties
Hi All,
We recently took a family property and converted into a rental. I am now having some second thoughts, after discussing with a local investor. I'd like to hear some seasoned opinions if possible, since I'm still new to this space.
This is the first property that I've made into a rental. It was built in 1977, lately updated on applicances and roof, but otherwise an older property.
Mortgage and escrow: $858.54. I refied for 3.99% in Feb 2022.
Rent payment: $1250
Property Management fee: $125
Repair costs since conversion to rental: $2636.48
Mortgage balance left: $141,631.67
Zestimate to value: $201,200
Checked with my CPA and I'm looking at about a $20k tax hit if I were to sell based on the amounts above.
As you can see, my cash flow is not very strong, and I'm considering to sell and find a newer/better placed properry. But I'm not sure if it would be worth it with the closing costs and the tax bill. House is based in NC. Or should I just hold for the time being?
Thanks in advance!