I bought a foreclosed home all cash for $165,000 (no mortgage) so that I could use it as a rental property. It had some mold growth in the basement and I thought it was something I could fix by ripping down the wall, applying anti-microbial formula and some scrubbing, and rebuilding that portion of the wall. Big mistake.
8 years later, I am finding myself still dealing with mold growth despite my efforts of getting rid of it (mainly because of water continuing to leak into the basement).
In the past 8 years I've spent approximately $40,000 "flipping" the house. So you could say I've put in $165,000 + $40,000 = $205,000 into the house. But I've made a decent amount on rental income as well. A fully rented house will give me $2000/month. The house was not rented all 8 years , there were definitely periods of many months in which the house was not rented.
Now I really want to sell the house and fixing the mold problem + water leakage problem could cost anywhere between $10000 - $15000.
After I've temporarily resolved the mold / water leakage problem, I want to sell the house. I looked up zillow.com's zestimate and it is $287,000.
It makes financial sense to sell the house instead of keeping it as a rental property, right?