[quote=Ricechex]Monthly rent = $1200
Monthly mortgage = $1015 (impound acct. includes PITI)
Gardener = $50 month
Yearly maintenance varies, some years it has been up to $5000, other years $1000.
House needs new roof, new exterior paint, and likely the water heater is gonna go soon too.
It would sell for $160K, we owe $128K.
What is an alligator property?[/quote]
This isn’t a great investment. But if you did not have a partner, it might be worth the effort to keep it (your paying down the note and getting a tax break for a modest outlay).
But, it sounds like the real problem is that you put more into it than your partner and that deferred maintenance is limiting the property performance.
I would get out , You’ll likely net less than 10K each (or less, assuming your price is in the right ballpark) after sale expenses/taxes.
If your partner doesn’t want to sell, ask them to buy you out. They can get a property manager and realize the value you added.
