It does appear that it's a buyer's market now. It is still able to make a small profit on the real estate here. As always it's location has a lot to do with the sale. ( I heard today that it is rumored that the interest rates are going up even higher.) If you would like for me to work up a CMA for you I would be glad to. Just give me a call.

It is definitely a buyer's market in Alexandria. However, updated homes in good locations at good prices continue to sell, and interest rates are good. In general, buyers want move-in ready homes in today's market. They do not want to do any updating. They want it already done. Appreciation rates run about 5% to 8% per year, so take your appraisal and add appreciation (providing your renters haven't done any damage). That is what the house is worth today. Is someone managing it for you?

I would continue renting for now...check with your accountant to check the tax implications of selling though..if you wait, and then continue taking depreciation right offs, it could hurt you later on, because your capital tax gain will hit you on the profits from not what you owe, but where you are with sales price minus your tax basis.....the IRS will not be concerned much with what you owe..

So, at the end of the day, it is what your CPA says may mean more than your Realtor.