Thoughts on selling
amd555 last edited by
So I’ve been a landlord for about a year. I have a condo in Chicago taht I bought in 2010. Bought a house in 2016 and started renting it out same year. Rented at $1275/mo (thus $15300/yr). It being a condo, there is an HOA of $234.20 ($2810/yr) and taxes are maybe $1500/yr. The condo is paid off. So doing the math, the condo nets me appx $10,900. That doesn’t include occasional service issue or any major repairs, etc.
I am considering selling as the market is strong and I can get a premium as I have a deeded garage space. I paid $55k for the condo in 2010 and the market value right now is minimum $150k-$200k. The garage is very, very rare for the area. There is some street parking but the parking is not easy to find.
I am considering selling if I can get $180k. Assuming I can get 7% return on my cash after sale and not having to deal with surprises of being a landlord, repairs, upgrades etc. I would make minimum 10k a year in an investment account with that balance. I would also avoid being hit with cap gain taxes on the sale and no depreciation to payback.
No, but wondering why they locked your duplicate post instead of just deleting it.