Continue to rent of sell it
Got a property that will become vacant at the end of August.
Property was bought with a conventional loan at $115k. Quick Zillow estimates it has appreciated between $147k - $176k. Current mortgage owed is $76k. Monthly mortgage is $787, current rent is $1200, but can move to $1300, possibly.
My wife is currently unemployed due to Covid. And does not receive any government checks. I was told that my income will be cut, up to 15% by the end of September.
Would you:
A) hold on to the property and continue to rent at $1200-1300 range?
B) sell it to get liquid cash around a minimum of $39k to help supplement our loss of income for the rest of the year
C) cash out refinance and continue to rent
D) a better option that I haven’t thought of
We are having a bit of trouble trying to decide what’s best for us.