Hi All, this is my first Reddit post so please be gentle. I purchased a single family class D property as a rental home back in 2010 for $54000, which is what it appraised for at the time.
11 years later, the house has been without a paying tenant for about seven years, and I currently owe $33k on it but it's worth about $10-12K in the current market. My financial situation has improved the last few years and I have paid off all debt besides the home (I sold my personal residence due to military). After all monthly expenses, I am saving $4-5K/month.
My question is should I pay off the house over the next year and be done with it, keep it and get it ready to start renting again using a property manager, or some other option?
Edit: mortgage is $389, house can be potentially tented for $650-700, and assume $70/month property management fee (10%) so possible monthly cash flow is $190-240
Submitted April 27, 2021 at 07:59PM by avgjerome https://ift.tt/2QsSMJj
