Downtown Provo Home- will commercial zoning increase value??
I've got a question about holding or selling and I'm not even sure if this is in the right section of the forum- hopefully you guys can help me out though as I lack experience but am trying to learn and get through this first deal! Please excuse my lack of perspective.
My wife and I bought a house a few blocks from downtown Provo, UT and have been renting out the basement and living in the upstairs. We've put a lot of work into renovations as we bought it pretty distressed and in desperate need of a complete remodel. Now we're stuck between selling or holding onto it long-term. Our goal has been to build cash flow to supplement an income of $3000/mo. We are at the point where we can refinance and cashflow around $500 and step away from the property completely (ideally to move on to the next one), or we can sell it and put the cash to leverage our next property. We're real stuck here because we just found out that our house is zoned DT1 (commercial here in Provo) and that we could potentially have a business here... or someone else could at least. We don't know quite what to do... refi or sell...? With our long-term goals being financial freedom through rental properties we don't have enough experience to make an educated decision on how to proceed. Hopefully you guys can help us out a bit, this is our first deal and we've worked hard to get here. Our house is listed online currently for what we would need to make selling worthwhile, but we still aren't sure it's the right thing to do.
Another note is that the house is right next to the State Liquor Store... and so that is a big turnoff for potential renters around here in Provo. We've heard that the State Liquor Store will be moving sooner than later because of limited parking space and it's location being next to a residential neighborhood, so we think that could be a good reason to hold onto the property until that happens, but who knows when that's going to get done.