Sell or keep our old residence as a long term rental
My wife and I moved up to North Carolina from Florida about 1 year ago. When we moved we decided to rent the house we were living in for the past 9 years. We have had it rented for a year now with no issues but I keep debating whether it would be smarter to sell and reinvest the equity elsewhere. We manage ourselves from NC. Here’s some of the numbers:
Value- $285,000
Mortgage balance- $100,000
Interest rate -2.875% on a 15yr note
Monthly payment - $1,750 w/ taxes and ins
Hoa- $97 per month
Lawn- $80 per month
Monthly rent- $2150
It technically doesn’t have great cash flow, however it pays down the principal around $10k per year because of the 15 yr mortgage.
Another factor in all of this is that if we sell before our capital gains benefit runs out, we would not have to mess with a 1031 exchange. I know there are multiple ways to look at this situation but I’d like some input please.