Updated over 6 years ago on . Most recent reply
To Rent or to Sell (A Long Beach Condo)
Hello,
I originally bought a 1BD/1BA condo in downtown Long Beach on a VA loan, so it was quite easy for me to get my foot in that door. With 0 down, my monthly payments (with HOA) come out to around $2000.
However, the rental market for such a unit peaks at $1800. There's some nuance to my situation since the place has not been remodeled - has old carpeting, tile, and particle board cabinets. It's saving grace are the two parking spots assigned to the unit.
Since I'm considering moving out of state I would also hire a property manager who would charge around $100.
So the rental situation is as such:
$2100 (expense w/ no maintenance taking into account)
$1800 (rent) --> -$300 cash flow
Or I could sell it and break even on the property since it's only risen by $10K or so (if even)…
How do more experienced eyes value this matter?
I appreciate any response!