To sell or to rent out… Seattle

Hey folks, I’m going to put some personal info in this post so using a throwaway.

I own a condo in Seattle. In Rainier Valley if you’re familiar with the place.

I’m currently renting it out at $2100/mo and my expenses are ~$1500/mo including HOA and etc. I think I can get $2800/mo for it. It’s 3 bed, 2 ba.

I bought it for ~$150k and have ~$90k left to pay off. Zillow says I can get a whopping $560k for it.

The current renters are moving out this summer and I am trying to decide if I should find a new renter or if I should sell the place. If I keep renting out I will need a management company, since I am not in Seattle anymore.

I don’t need the money at the moment and like the idea of a real estate investment but my concerns are: * Is that neighborhood going to get better or… will it get worse? I can’t tell. It’s a bit off a rough neighborhood that has been gentrifying to the north of where the condo is. * Condos were built in early 2000s… Are they going to start depreciating at some point as the building ages? Will I get surprise assessments? * Will Seattle city council introduce some anti-landlord legislation? Rent control?

Thanks in advance!

submitted by /u/throwawayJHU111
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Hey folks, I’m going to put some personal info in this post so using a throwaway. I own a condo in Seattle. In Rainier Valley if you’re familiar with the place. I’m currently renting it out at $2100/mo and my expenses are ~$1500/mo including HOA and etc. I think I can get $2800/mo for it. It’s 3 bed, 2 ba. I bought it for ~$150k and have ~$90k left to pay off. Zillow says I can get a whopping $560k for it. The current renters are moving out this summer and I am trying to decide if I should find a new renter or if I should sell the place. If I keep renting out I will need a management company, since I am not in Seattle anymore. I don’t need the money at the moment and like the idea of a real estate investment but my concerns are: * Is that neighborhood going to get better or… will it get worse? I can’t tell. It’s a bit off a rough neighborhood that has been gentrifying to the north of where the condo is. * Condos were built in early 2000s… Are they going to start depreciating at some point as the building ages? Will I get surprise assessments? * Will Seattle city council introduce some anti-landlord legislation? Rent control? Thanks in advance! submitted by /u/throwawayJHU111 [link] [comments]

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