Re: The INVESTMENT / RENTAL PROPERTY thread!!!

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.

Thoughts?