Sell or rent out a condo I love
Need advice. Purchased a condo in downtown Indianapolis (great view of skyline) within walking distance of almost everything for USD300,000 (no mortgage) in 2012. Spent about USD100,000 on renovation/improvement. I am relocating to another state and am wondering if I should sell or rent it out (via property management). My new employer will pay for seller's fee (6%) and closing cost (2%) if sold within this year. Listing price will most likely be around USD350,000. Rentals in this building run about USD2,000/month. HOA fee is a hefty 670/month. My gut says "sell" even with the loss, but I love the condo and all the renovation I did and my heart says otherwise. I don't need immediate cash as I will not be buying anytime soon and I am not in dire need to make a profit either, but I also doubt I'll ever come back to Indiana to live in it. I am guessing many expenses for an investment property would be tax deductible. Do I sell or turn this into an investment property? Please talk some sense into me. Any advice will be appreciated.