Sell or keep my Denver rental property?
Hi everyone!
Maybe you can help us accidental landlords with deciding what to do with our home in Denver?
We own a home in Denver, it's a SFH flip in the North Park Hill neighborhood (between Monaco and Quebec on 26th). Current mortgage left: 300k at 4.5%
We relocated to WA last year and rented the house. Here are the relevant monthly numbers:
Expenses:
mortgage, taxes, insurance: $1,950
Water utilities: ~$50
Landscaping: $120 in summer months
Property management: $197.50
Income:
Rent: $2235 (includes monthly water charge)
The house is currently estimated between 450-510 depending on the site. It's currently rented out.
Since we aren't investors we don't know how to properly analyze this property or even where to start. So we were hoping someone here can chime in and help us figure out whether we:
1. Keep the house as a rental (would like to increase rent next year) knowing that we'll be moving from primary residence to rental property as far as taxes when we sell it later.
2. Sell it. We will not be able to buy a house in WA since RE is too expensive here anyway. We'd either pay my student loans or try to re-invest in the stock market?
I realize nobody knows the future, I'm mostly looking for information on how to analyze this from an "investment" perspective (rather than a primary residence perspective).
Any help will be appreciated! Any follow up questions, feel free to ask!