[quote=clairemontian]Appreciate the responses. Given our loan amount, a conservative rent value, hoa fees, prop management companyvfee, and taxes, we would come out ahead about $50 a month.
[/quote]
Your $50 will likely get eaten by repairs. (I have a 2 BR rental house I’ve owned 7 years and we have averaged about $1200 per year in repairs, new appliances, etc)
Also, in your analysis, how did you account for the principal portion of your payment ?
If you have $50 after taxes, including principal portion of payment as part of the expenses, then you are in good shape renting it out. You’ll essentially lock in future cash flow (I’m in the camp that anticipates inflation kicking in within the next 3 years) for reasonably minor out-of-pocket expenses.
Also, I would contact the listing agent for the short sale unit about potentially selling your unit and using them. They might give you the scoop on how much the short-sale unit will go for.
If you can rent it out and get the cash flow you describe, then I suspect you can sell it and still walk away with some cash. If not, I would sharpen your pencil on your analysis. Why not put it on the market and see ? Then rent it out if it doesn’t sell.
