Rental Calcs on a Refi

[Don Johnston]

I have a townhouse in Littleton, CO that I co-own with my ex-wife.  She will be wanting to move and sell.  I am thinking of refinancing and buying her out and holding the property as a rental.  I have used the rental calculator but not sure if I am doing it right.  I owe $100K.  Market value is about $216K.  I am figuring on paying her about $50K (assuming that is half of the probable equity).

So, can I use the calculator to figure if this is a good buy and hold deal? Would I put in a purchase price of $150K and a loan of $150K. The last refi we did on the house had no closing costs or points, etc.. Also, would I put in the $216K for the ARV? The HOA fee would go under expenses. Rent would be appx. $1500, maybe $1600. Putting these figures in as well as % for repairs, cap expense etc, would this give me a valid read on renting this property?

Thanks for your help in advance.

[Don Johnston]

Thank you all for your input.  It always helps to talk things out...out loud.  When the time comes, I will sell and invest in Florida where I plan to live eventually and where I have half of my Kids, Grandkids and Granddogs.