absentee landlord: Keep Renting or Sale
I am trying to decide if I should keep renting a home or if I should sell it and invest the equity.Below are basic facts and then concerns I have.
3 Bed 2 bath rancher with one car garage
Fenced in backyard
Build in 1997
Located near military installation (minor reduction affecting the local installation ~5%)
Cash flows ~$120 monthly after PM fees
Est value at $103,900
Mortgage at ~$75,000
HVAC replaced four years ago
Roof original to home
I am an absentee landlord
Vacancy rate, < 5% over past 7 years
Concerns:
Maintenance, roofing, paint, rugs, appliances, etc are eating my budget.Recent $1800 whole interior painting, exterior roof leaks, and wood rot pending.I know the roof will need to be replaced with 5-7 years.
Well, maintenance is my only real concern as it is eating my budget.I am thinking of taking the money and paying into other homes I have to provide better cash flow (I have a second mortgage on one home I could almost pay off with the cash) or just save the money for another purchase/repairs.I have three other homes.
I am open to all thoughts and questions.