Atlanta, GA · Member since 2017 · 1 post · 0 votes
Hello All,
I purchased a Midtown Atlanta condo in 2015 for $147,000. I put about $12,000 into it originally and have since put in new appliances. It could sell for roughly $225,000 now and HOA is $315 monthly along with $1000 per year rental fees if I go that route. It is in a great area, but I believe we have seen too much appreciation too fast. I owe $80,000 on the mortgage. It would rent for $1500 - $1600. Sell or Rent?
I'd sell it, myself. Those fees are only going to get worse, and too many things can go wrong when your every major management decision has to be approved by a condo Board.
I'd take my funds out of this deal and find a nice, fee-simple, single-family house in Henry (or Clayton or Cobb or Gwinnett) to sink that money into.