Inherited Property - Financial Mess or Worth Keeping
Need help with this property. Here's the information. My parents decided to retire overseas. They have a property that was modified by the bank three years ago. By modification, the bank extended the term of the property to 40 years to drop the mortgage payments. If I rent the property at $1850, I'll just be breaking even on debt service (mortgage, HOA, insurance, taxes). Good news, it's fairly a new build property so there isn't much maintenance. The other positive news, I have a tenant ready for the property that will stay there a minimum of five years, he doesn't move much. He stayed at his last place for ten years and has been on his job for 20 years. He recently had a baby and looking for a bigger property. The property is valued at $395k, and has a loan of $331k. My question to everyone- what would you do with this property. Hold and rent, sell, or another creative solution I'd be open to hearing. Lastly I'll mention I have three other properties with decent to strong cashflows.