Should I sell or rent my house? Thanks!

[Rob MacSwan]

Ok so here are numbers. Feel like I should sell but want to make it work. My argument would be with a smaller loan balance I might lose a couple hundred a month for a few years until mortgage is paid off. Once the house is fully paid cash flow would be great! Let me know your thoughts. Thanks!

3 bed/2.5 bath 1900 sq ft home in desirable Richmond va neighborhood

$525000- current value

$362000- purchase price in 2009

$70k- left on 15 yr mortgage at 3.25%

$2400- monthly mortgage including tax and insurance

$2700- estimated rent

8%- estimated mgt fee

Probabaly will need new ac unit in next year or two. Estimated about $8-10k. No other big cap x items in near future.

[Wes S.]

@Rob MacSwan I think you should sell. EVERY house cash flows great once the mortgage is paid off. In the meantime, you're eating a few hundred a month before you calculate the big capital expenses (roof, AC, etc).

So, you've got probably above $200K in equity, and you've been living there since 2009. Which means if you sell, the increase in value is completely tax free (up to $250K, the change in price). So then you have that $200K+ plus to use on an investment property that ACTUALLY cash flows today.