Does This Make Sense?
I'm looking for some good advice on what to do in this scenario.
So I have a SFH with a $700,000 purchase price and expecting to sell it for ~$760,000 (not sure what it will appraise for). The mortgage payments on the home are $3600 and there aren't many comps in the neighborhood that are renting. There was a home that rented last year for $3400 so that's something to go buy.
The area is Kingstowne which is in Alexandria, Virginia. The neighborhood is growing and it's already an upscale neighborhood. There is a Wegmans that's coming to the area and the mall is being revitalized.
That being said is it worth it to hold the property and hope for it to appreciate or go ahead and sell it?? Thanks for any advice!