Keep rental property?
Hello,
I purchased my first primary home in May of 2009. Just bought a new primary in April 2014 and kept our first as a rental property. I'm just trying to figure out whether or not it's worth keeping this house As a rental. I paid $170 and it barely has appreciated since we bought it. I might be able to sell it today for around $175.
Taxes, insurance, principal/interest-$1230
I have a great tenant paying $1300
If you factor in repairs and vacancy- I'm losing money. :(
I owe $150 and that's not enough to bring 20% equity for a refi.
The only positive to this property is I went in front of zoning 5 years ago to get the property approved for a duplex. But to put up a mirror image of house attached I would be spending $100 k and needing to out of pocket 25% which would make it not even worth it in regards to cash on cash return.
I'm just starting to question my self if I should be keeping this rental property around or get rid of it and continue acquiring properties that are cash flowing more (a lot more)
Any opinions/thoughts would be much appreciated.
If I need to sell it, I want to do it now as opposed to later.
Thanks!