I love this thread.
Any advice on the following situation would be awesome.
I bought a 1000ft^2 2-bedroom townhouse style condo end unit in Glamorgan in the summer of 2006 for around $240,000. It's old (1970), but I got it for the same price as newer 700ft^2 apartment style condos. It made sense to me to take the hit in age for more space, 2 floors, unfinished basement for storage, small back "yard" with a deck, and private entrance...instead of some place you go through a security door, up an elevator, down a hall, and have people living above, below and on both sides. Know what I'm saying? There's one currently on the market for $290,000 but I know that's too high.
Well I've moved in with my girlfriend and have been renting it out since November. Rental lease is up Nov.1, 2008. Rent/month is great (started at rental rate peak), and it covers expenses by a couple hundred bucks (breakeven if you consider principle an "expense" in terms of cash flow).
Where do you see this type of place fitting in this market? IMO it's a great entry level place for a younger couple or small family who value space/usefullness over newness. But that's just me.
What I should do with the place when the rental lease is up. Sell? Try to extend lease at same rent?
'ppreciate the time.
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