Inherited my parents condo, fully in 2023. Have had an incredible tenant for the last 3 years – lease up next May.
My dad went properly wild in his final years and fixed up the two bedroom, 1.5 bath, attached garage unit to the nines. A/C, Furnace, all new wood floors, stairs, no carpet, paint. I had purchased all new faucets and kitchen appliances.
Tenant pays 2k a month. If she chooses to stay, I'll keep it the same, she's been incredible and I'm not greedy. (suburban CT) If she leaves – I don't know…
HOA $258 month
Insurance $468 year
Water bill ~ $25 month
Taxes – $4200 a year
So from the 2K collected get about 1.3 k a month – not bad.
Me… Still single, no kids – thinking maybe just keep it going, do some continued updates and sell – perhaps later. Was hesitant to after my parents passed, but after the dust settled – all is well.
Just wondering your thoughts.
Paid off Condo – rent or sell.
byu/AdultTeething inRealEstate
Posted by AdultTeething
2 Comments
I’d keep it. That’s a nice bit of passive income every month.
What wouod it sell for ?
Are you earning a much better return than yoid average in the normal investments like a good mutual fund ?