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I have a small out-of-state home by a major university. I also bought for $150K. I’ve had it 5 years or so and I generally rent to grad students. It cash flows well and appreciation has been solid. However, I have a strong maintenance team there and honestly that is the only way it has been manageable. Good luck!
Subject Expert
Missing some information. Will it cash flow well? Do you have a management team in place? Do you want to be aLandlord?
Subject Expert
If it’s going to cash flow well, go hire a good team and you’ll have a sustainable rental.
How much do you find you are spending or does the rent cover the costs
The house is older so the first couple years were in the red but taxes and depreciation helped but as I got the hang of things and rents steadily increased it’s been great. FWIW, I have 4 properties in my portfolio but this profile is the closest to your scenario.
I rented my former primary when I went out of state for two years, found a good property manager before I left. Worked great, find a good maintenance person or property manager.
I’ve since moved back and am like 45 minutes from rental, I’m keeping the property manager. Rental are kind of side thing for me so property manager makes sense, my property manager has paid for himself in how quickly he gets it rented and occupied, pretty much hands off for me, though the house is newer and in good shape.
Totally doable to keep it if it cash flows well and you find someone good