Condo Investment property - should I sell or hold...
Hey All- I wanted to get some feedback on a rental condo I have North of Columbus, OH. Some background on it:
-It's rented and I self manage. Tenant has been there for 4 years. Condo is 13 yrs old. Cash Flow is $50 month (would be higher but condo fee is $157 month)
-Retail Market Price $125K - $130K (next door unit just sold for $126K)
-I owe $89K
-It's located in a A- / B+ neighborhood.
The question is I have been going back in forth on is do I keep renting for another year or sell it and take my profit to the next project which is TBD. My philosophy has been to hold for the last 9 years until the market rebounded which it has.
Just curious what others have done. I welcome any suggestions
Todd