Condo in Fairfax VA we bought in 2016 for $290k+ and now probably looking at $370k+
Current tenant moving out at end of July but we have a potential tenant who’s interested in renting for the long term (min 3 years) until potential tenant completes her PhD at nearby university.
We were leaning towards selling because: 1. In past two years of renting, we’ve only been able to break even in terms of cash flow. Rent was $1900-2000. Our mortgage and HOA were about $1600-1700. Something always broke down and we ended up having to fix. E.G replaced the washer/dryer last year. 2. We are distant landlords. We’ve since moved to NC so about 6 hours away from our property. Every time something goes wrong, we have to call for repair. We can’t be physically there to look at the issue. Also cannot afford to hire a property management company. 3. Condo is about 17 years old. We are expecting to see some large repair/maintenance expenses coming up, like the HVAC system. If we sell now, we can avoid having to pay for a new HVAC system. 4. 2/5 year limit will run out soon so we will need to pay capital gain on the income from the sale.
Why we don’t want to sell: 1. We think the value of our condo will continue to increase especially since the amazon effect hasn’t lived up to its full potential yet. 2. We can keep the property as protection against inflation.
For whatever reason, we just cannot come to terms with selling. Could you please provide your thoughts/insights? Thanks!