Ultradog- I do a lot of evictions, so am familiar with the pluses and minuses of keeping it as rental property rather than selling.
Depends on a lot of things- how old are you? If you're getting on toward retirement age, sell it- renting, even if it works out OK, is a long term deal as far as paying off debt is concerned.
Can you do your own repairs and maintenance work? Not just have the ability, but do you have the time (and the inclination)?
Where is the property in relation to where you live? If its not in the same town, you'll need to find a good property management company to manage it. You just can't do it long distance- someone needs to monitor it, and you'll be a bit put out, driving 100 miles to replace a main breaker in the middle of the night.
If its got a $500 positive cash flow, that's pretty good, and also indicates that it must be a fairly high-end property, which means you'll get high-end renters who have an actual job, and can afford it, and are likely to take care of it,rather than the bottom feeders who can afford $500 a month from L&I, welfare, and eleventeen other gumment programs. Poor people have poor ways, and thats why they're poor, in most cases. You'll do far better on a $1200 a month property with $700 mortgage, than a $500 a month property owned free and clear. You can go through a lot of 500 dollarses in a hurry, if the disgruntled renter trashes the place during the eviction.
The rental business is not for the faint of heart these days- just way too many bums out there. Also, the low interest rates have taken many conscientious and ambitious folks out of the rental market and into a home of their own.
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