Do I have a positive cash flow? Sell or hold?
Hi there,
Here is my situation. As an accidental landlord since 2010 ( couldn't sell) I am deciding between to sell or hold. I bought this townhouse for 280k with FHA loan. Outstanding balance 220k. Biweekly mortgage ( P, interest,tax) $850, association fee $200/mo. Rent 2080/mo. On an average repair 2000/year. Agent fee 1 month rent. On an average 2 year lease.
Now, the question is what is my cash flow?
The property is at really great location, right next to train station and suburb downtown. No problem renting.
If I decide to sell, I think I may get $260-280k. And if I continue to rent, rent will increase at least 100/mo each year.
I am not sure if I should sell it or hold it.
What you guys think and why?