My head is spinning after doing my taxes this year....is my rental property now becoming a liability vs an asset? I mean we have good tenants and they are paying down our mortgage and we have a cash flow of over $500 per month...but by the time taxes, depreciation, interest, maintenance kick in...is this not a good investment?
Bought 3 years ago for $95K...prob worth $115K now
Nice 2 bed 2 bathroom in good part of town
1200 sq ft
Rent: $1100/month
Total income 2017: $13,200
2017 Expenses Breakdown:
Deprecation: $2814
Vehicle Expenses: $636
Property Taxes: $3403
Mortgage Interest: $3258
Homeowner's Ins: $788
Repairs, Cleaning, Maint: $3819
Total expenses 2017: $14,718
Net Income: -$1,361
Bought 3 years ago for $95K...prob worth $115K now
Nice 2 bed 2 bathroom in good part of town
1200 sq ft
Rent: $1100/month
Total income 2017: $13,200
2017 Expenses Breakdown:
Deprecation: $2814
Vehicle Expenses: $636
Property Taxes: $3403
Mortgage Interest: $3258
Homeowner's Ins: $788
Repairs, Cleaning, Maint: $3819
Total expenses 2017: $14,718
Net Income: -$1,361