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Updated over 9 years ago on . Most recent reply

Jason K.'s profile image
Jason K.'s profile image
Jason K.
  • from Springfield, Virginia
  • Member since Jan 4, 2016
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Jason K.'s profile image
Jason K.'s profile image
Jason K.
  • from Springfield, Virginia
  • Member since Jan 4, 2016
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Jason K.
  • Springfield, VA
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New Member Introductions

Should I sell inherited rental property ($700k)?

Jason K.
  • Springfield, VA
Posted

I inherited a duplex in Queens NY (East Elmhurst/Jackson Heights), which is valued at $700k—no mortgage. Been serving as the landlord for the past year.

Rent is $3250/mo. ($39k/yr.), which is priced accurately for the area.

However, last year's expenses (e.g., taxes, insurance, repairs) totaled $25k.

$39k - $25k = $14k profit

For a $700k rental property, this yields me only a 2% return (cap rate).

Should I sell?

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