Should I sell? Vegas
Bought the house in 2012. Remaining balance is 250k on a 3.25% FHA loan, eligible for pmi cancellation in 2 years . Mortgage is $1670/mo including pmi. In two years, mortgage may lower to around $1300 after pmi cancellation and some equity. Potential rent is $1900-2000. Market value is 390k. Tax exempt if I sell now or in the next couple years. This house is in a desirable neighborhood in Vegas and previously sold in 2006 for $700k. Should I sell now and use the equity to add another smaller rental property? Or rent out and see where the market goes? If I sell, it will also improve my DTI ratio and increase my borrowing capacity. If I rent it out, there could still be room for equity in the Las Vegas market, although it could be argued that it is speculating. What would you do if you were in my shoes? Thanks in advance.