Dallas Duplex Drama!
Good Evening BP,
I'll start with the expenses:
Mortgage (principal and interest): $1426
Insurance: $146
Property Tax: $218
Maintenance/Vacancy/CapEx: $326
Total Expenses: $2116
Currently I am living in one side and renting out the other which brings in $1125/mo. The side I am living in should bring $1125/mo or more when I eventually move out. I paid $290k and got into the property with zero down. With these numbers my cash flow is $135/mo.
This year the Dallas Central Appraisal District increased the appraisal by roughly 288%. My monthly property tax payment will go from $218/mo to $627/mo; clearly this will negate my anticipated positive cash flow.
I'm looking for opinions on what to do in this situation. Should I sell? Should I hold?
Ultimately, I learned a valuable lesson and tend to blame my naivety in addition to my eagerness to get into my first deal.
v/r
Jake