Ok, looking for opinions. Do I keep this one, or 1031 into a different property, or other investment ideas?
I’ve owned this rental a long time (roughly 20 years.) It’s never vacant.
Particulars:
Condo
purchase price: $125k
15 year mortgage @ 3 5/8 with \~10 years remaining, pmt = $838, balance = $80k (yes, it’s been refinanced.)
HOA dues = $525/month
Taxes = $3000/year
Insurance = $300/year
Maintenance = negligible
Management fee = me
Current value \~ $260k
Rent income: $1700/month
cash flow is $65 per month
I don’t know how to analyze investments. It seems like it is underperforming. Yes, rent is below market, but it could use some updating also. HOA dues are getting crazy and go up almost every year. The city it’s in is starting to implement rent control, but so far only on large-scale properties. I do raise the rent periodically to try to keep it somewhat within the market. It is mostly headache free.
P.S. This property was not bought with investing in mind. It was a primary at one point. I managed to keep it through the 2008 crash.
What are your thoughts? Constructive thoughts will be most appreciated, but ready for a ribbing if warranted.