Harold Sharpe - Broker
So Cal Homes
California Department of Real Estate Broker License # 01312992
My honest opinion, is if you KNOW you don't want to hang onto this condo for a min. of 5-7yrs in the off chance that you might return to live in it after, possibly moving back from CT, then sell now. Sell now, because over the next 1-2yrs, interest rates are going UP, they're going to be going up another 1-1.5% & this will cause property values to go down.
The difference of what you can rent your condo out for vs. your mortgage payment is going to get eaten up, in property management fees & destruction of property due to the type of tenant that gets into a 1b condo. You will need to replace carpeting, paint, etc etc, every 1-2yrs if you have tenants that only stay for 1yr at a time.
Tenants who rent 1b condos are 'stepping stone' tenants. They usually don't rent 1b units for 2-3+ yrs.
When I was little my family was relocated to Avon, CT, we stayed 6.5yrs & then came right back to Rossmoor, CA, next to Seal Beach. So, you never know, maybe you'll move & come back too after deciding it's too darn cold in Stamford & you're tired of the sand on the road in the wintertime messing with your car.
I did answer your questions regarding your situation with the owner moving out of your short sale purchase last year, but because I don't look back on the same Trulia thread for answers or replies after mine, I didn't see your Good News, that everything worked out.
Shoot me an email directly, or give me a call, I don't look back on this same Trulia posting for Replies or other answers posted after mine.
Emily S. Knell
Realtor Since--- 1996
Realty ONE Group
Your best point of guidance should be your Mortgage Banker. What does your mortgage professional who prequalified you say about getting to where you want to be? Since your mortgage pro has your credit report handy, she should be able to guide you on the proper course of action---if any---so that you can take some action to improve your scores.
But you should be aware that any action you take has no guarantee of improving your scores and even if it does it could take several months to see improved results.