Hi Mario & Elvia,
We recently were asked to do a similar analysis for several clients. Here’s the customized notes for your situation. A candid note: If the reason for keeping a property is sentimental, and we perfectly understand, then most of this may not be relevant. If the intent is to make your assets work hardest & best for you, then this can be helpful.
The big picture: Your goal was to lease Park Crest at $3,850, then $3,650, but no takers.
How about this instead? Have a look at the chart below. I know it’s big, but what you’ll see is there is a way more efficient way of generating rental income. By selling your principal home for even around net $800K, and picking up TWO townhomes or condos, YOU’LL LIKELY GENERATE ALMOST $4,200 A MONTH, with less wear & tear ongoing expense, NO POOL expense, and in a more desirable part of town (which translates to easier to rent out!) What do you think?
(Just so you know, when we do this calculation, results are so different for everyone. In your case, it’s a significant improvement.) What we have below are leases & sold properties on the SAME street for optimal comparison and analysis. I’ve inserted spaces between the major sections for ease of viewing. The sweet spot in town are the units across the street from Costco – Le Parc, etc.
Hope this gives you all some more thoughts to help you come to a decision that is best for YOU. Of course, be more than happy to answer any questions or provide any information. Enjoy 🙂
Jack