Q: I own and live in a 2-bedroom upstairs and 1-bedroom downstairs duplex in Fox Chase. I am getting married and moving to a single home this summer. I currently have a tenant in the 2-bedroom unit paying $650 a month. It doesn’t seem worth it to me to keep renting it out. Would it be smarter to sell my duplex or keep it and rent it out?
A: Your decision, whether to rent your duplex or sell it, should be made based on your financial needs. If you don’t need the money to move, and any mortgage you may have on the property is not higher than rent, then I would recommend holding on to your duplex for a while and garner a second income while waiting for the equity to increase.
It’s no secret that rentals are in high demand in the current market, in the right locations. This duplex could be a better source of income than you think. Your rent really could be higher, depending on the condition. Rentals in Northeast Philadelphia are making upward of $800 for some units.
If you need the money to make the move to your single home, and your current property has some equity, then you could probably get somewhere in the high $190s or so for your property, depending on location and condition, of course.
Stacey McCarthy is a real estate agent with the McCarthy Group of Keller Williams. Her Real NEastate column appears every Wednesday on NEastPhilly.com. See others here. Read other NEast Philly columns here.