Rent or Sell Townhome?
I am looking to move in the next year or so and purchase a new home in the area.
Should I sell my current townhome? Here are the numbers:
Current Estimated Value: $640,000
Current Mortgage Rate & Balance: 3.25% & $353,000
Mortgage Payment: $1650
HOA Amount: $199
Yearly Taxes: $5500 Yearly Insurance: $750
Based on comps in the area, rental rate would be between $3000 -> $3200.
I have no debt other than this mortgage, and enough cash on hand for the new house's down payment as well as a hefty emergency fund. I also have experience managing my mother's 6-unit apartment building, so I know what's it's like to have renters.
Do the numbers make sense financially to keep it as a rental?
Thanks.