My wife and I live right outside NYC and are moving from our studio co-op to rent a 2 bedroom apartment.
We're trying to decide what the best course of action is for the studio. Some details...
I bought the studio in 2013 for $58,000 Mortgage has been paid off Monthly maintenance fees (including taxes + utilities) = $400 a month
Market rent is about $1100 / month Market sale price is probably in the $95,000 range
Our new rent is going to be about $2,800/month (closer to NYC, luxury building, etc). We're thinking that the profit from renting out the studio will be nice extra cash to subsidize our rent but also thinking that selling it and banking the $85k-$90k would be nice. Just want to note that we can still afford the new rent even without the rental income (monthly take home pay is $10k excluding bonuses)
The new apartment is about a 20 minute drive to the studio so we would be around if we need to be landlords. Although I'm not very handy, the co-op has a maintenance department that, in theory, is supposed to help with any small issues.
Wanted to get PF's opinion on what the best option is here...
Submitted February 02, 2018 at 10:54AM by smallsketch http://ift.tt/2ntCzBR
