I won a rental should I sell it or re-rent it?

Should I rent out the house OR sell it ?" Asked the Prospective Seller
We were recently asked to do a market analysis for a Seller who had moved out of state. The property had been rented and there was some damage done by the tenant and deferred maintenance issues....the prospective seller was trying to decide if she should re-rent to a "more responsible tenant" or list the property.
We did a market analysis and explained that the window of comparison was shorter than it had been a number of years ago when she purchased the property. In this case, that was actually a very good thing...property in this area...(and we know that real estate prices are LOCAL)...had increased recently.
In making this decision we suggested that she consider a number of factors. There is the immediacy of the cost of repairs and getting the house ready for sale or rent which would have to be done in either case.
Then there is the eventuality....
If the Rental option is chosen - there will again be the cost of some repair or replacement. Careful tenant selection is a plus....and a security deposit is of course a necessity....getting all the work done which may or may not exceed the deposit, while living on the other side of the country...or traveling back is a reality.
Does the market rate for the rent cover the taxes and mortage AND depreciation ? The longer the sale is delayed, the older everything gets...the roof, the furnace and air conditioning, carpet and the listi continues inside and out...landscaping, need to re-stain and paint....
Will the home appreciate in value and at what rate ? There was new construction in the neighborhood and a few lots for sale...there will always be something newer for a buyer to choose to call home.
Forecasted interest rate increases will mean that there are fewer qualified buyers for the property.
The status quo is always the easiest thing to do...change, regardless of whether or not it may be perceived by some people to be the better thing to do. In considering what to do...make sure you have ALL the facts....and an objective market analysis based upon actual recent sold homes.
If you are in southeastern Wisconsin and deciding to rent or sell your property...Call the Hansons and we'll give you the prompt professional service and proven results you deserve for all things real estate.

Sally K. & David L. Hanson, ABR, CDPE, CSS, e-Pro,ILHM, REDS