Updated about 8 years ago on . Most recent reply
Sell which property?
Ok, so it's time do a 1031 exchange in an entirely different market.
The sell choices are a 4 unit residential building in an ok neighborhood. There has never been a vacancy in the 7 years that I've owned it. I wouldn't live there with 2 murders (drugs) within 6 blocks in the past 36 months. My gross is $42,360 and my net is $33,000 cash-on-cash. It is turnkey and would realistically sell for $435,000 - $450,000.
Building #2 is a 5 unit residential building grossing $70,620 and my cash-on-cash net is $60,000. Neighborhood is excellent. There has never been a vacancy during the 14 years I've owned it. It is turnkey and given the location it would realistically sell for $950,000 - $1m.
What's a landlord to do? Thanks for your experienced advice in advance.
Ken