How do I decide whether to sell my house or keep it as a rental?
I have owned the house for 3 years and with all the building around me I have seen tremendous growth.
Recently I spoke with a realtor and they said they would list it at 220k which is way more than the 170k I still owe on it. Houses are selling on average at around 2 days. However with houses selling fast it also leaves very few open rentals available. Every single apartment building is full. I called each one. She thinks we could get into a multiple bidder situation, but I am not counting on that. The house has potential as the basement is unfinished and just needs general updating to see full potential. I don't have the time or the money to do that which is why I am considering selling and getting into something else.
My 3 bedroom would rent for 1500-1575 per month with cash flow around 250 per month according to the bigger pockets calculator.
I haven't made up my mind yet on what to do, but I am curious to hear from others who have been in a similar situation.