Hello! This is lengthy, but I'm trying to provide as much detail as possible for anyone kind enough to provide feedback.

I bought a condo 3 years ago but now need to move for work.

Would appreciate feedback/thoughts on next steps on Sell vs Rental approach.

Looking at the very high monthly exp/rev ratio, it seems I should sell, but want to make sure I'm exploring all options. Especially with a long-term hold approach. This is my first time as a home owner...AKA Please be kind!

PLEASE NOTE: I want to sell by mid-October and with current market volatility, considering renting for a year if necessary and listening as Rent/Sell.

Upsides to Renting

Luxury condo that presents well, in a growing neighborhood that should appreciate well.

3.375% 30 year fixed

Willing to hold long term

Downsides to Renting

Non homestead taxes will be 14K Annually!

I’ll be out of state, which I know is a big red flag for many.

Well below 1% minimum of Rent/Property Value

Hoping to self-manage (Yes, another big red flag)

Loss of capital gains exclusion

MONTHLY SUMMARY

Rental Income $3,500

Less ($3,440) Mortgage (2,900) HOA (390) Rent Ins (150)

Less ($1,155) Property Tax

Tot Exp ($4,595)

Rev: ( $1,095) !!

I put some numbers below into this Rent or Sell calculator.

https://www.narpm.org/members/resources/rent-vs-sell-calculator/

ESTIMATES ON ROI (15 year time frame)

at 5% Appreciation would profit $100K if SELL now

at 6% Appreciation would have $3,500K more if KEEP and sell after 15 years

at 7% Appreciation would profit 122K if KEEP and sell after 15 years

(Assuming a conservative 6% ROI on money invested from sale.)

NOTE: The property appreciated 10% in the last year so I’m thinking 7% over the next 10-15 is reasonable.

DETAILS

Sale Value: $520,000 (Best guess)

Paid: $437,000

Original Mortgage: $415,000

Mortgage Balance: $380,000

Interest: 3.375%

Monthly mortgage: $2,899

Mortgage Difference: $1064

Annual Taxes, Insurance, HOA etc**: $20,345**

$13,865 (Non Homestead tax) $4,680 (HOA) $1,800 (Landlord Insurance)

Monthly Rental Charge $3,500*

Appreciation 7%

Years to Hold: 15

More assumptions used in ROI Estimates Above

90% occupancy,

15% capital gains charge

6% selling fee

Rate of return on gains if selling now instead 6%

Annual maintenance 1%

Annual rent increase 4%

$3,500 is slightly aggressive. unlikely I could get more.

Thanks in advance for any constructive thoughts and comments!!!! Let me know if you have other questions.