All Forum Posts by: Koray Kilic

I've been looking at tools like rentometer.com and trying to figure out rents in residential area's like single family and it seems like its way off in most cases. is there something I'm missing? what do you use, or how do you determine rent?

I have a single family property in Brooklyn with a MIL suite that I originally bought to live in in 2018. right now its rented out.

• MIL unit is 1 bedroom apartment = $1500/m
• Main unit is 3 bedroom apartment = $3200/m
• detached garage =100/m
• Total cashflow 4800/m 
• Mortgage + expenses  = 4500/m
  
• Cashflow 300/m

I originally purchased this property for 870k with 20% down (roughly 174k) Right now its roughly worth 1 mil and I have 690k mortgage. It has appreciated roughly 130k since I purchased it, so roughly 3600/m in 3 years of appreciation (or 5% per year). So my question is should I sell this property and look for better cash flow or keep it and be patient? right now I would be able to sell it without any taxes since I lived in it the last 2 out of the 5 years. Thanks in advance!