Sub 3% Interest Investment SFH and Foundation Work
Hello everyone!
My wife and I purchased a home in the Seattle area back in 2018. It's a single family home that we were able to refi into a 3% interest rate.
Since then we have moved out of the area and been renting it out for the past few years.
We are slightly negative on cashflow, about $100 a month or so when you account for a 3rd party property management service and expected repairs etc.
Our challenge here is the home is old. The foundation has cracks and the driveway needs to be redone. We have had a Strctural Engineer out to the property and while we don't need to conduct repairs within the next 5 years or so, we will need to address both of these things at some point and it will likely cost us about 100k.
Any advice on selling or holding for the long term?
We always thought we would hold this property as long as we can, and cashflow is not really an issue but thinking about dropping 100k on repairs for a property that is cashflow neutral at best gives me major heartburn.
The home has a great location and has appreciated even with interest rates coming back up, but is certainly not valued as high as it once was.
Thanks for your thoughts/advice in advance!