Sell, Keep or something else for rental property??
I was wondering what others might do in the following scenario as I have a rental property from the first condo I bought in 2010. It is in pretty good shape located in East Brunswick NJ.
2 bedroom 2 bathroom
Currently being rented out and they just renewed the lease until Oct of 2020.
Mortgage is $1500
HOA is $260
Rent received is $1625
So technically I lose about $150 a month and probably put $500 in repairs in to the place a year.
I owe $178,000 on the mortgage with 26 years left on the mortgage (I bought in 2010 and refinanced in 2014). A few comparables in the area just sold for $190,000 - $205,000.
I am patient and would like this to be a med-long term investment....
any thoughts would be appreciated...