I would follow Warren's advice and rent it out. I am surprised that your realtor did not negotiate a home protection warranty for you when you purchased -- that should have covered the repairs.
Keep it rented. There is a lot of inventory in Crestview, both for sale and for lease. Unfortunately, you bought at the market's peak.
That is a hard call. I am a 30 year resident of Crestview and have probably been in your home to look at it. If you can hold on to it and rent it out than that is what I would personally do. Crestview has really taken a hit over the past 3 years so you would most likely sale for less than what you have in the home. Rents are usually strong in crestview and easy to rent out if the home is in good shape. As was mentioned in another answer young professionals or a family is more likely to rent it.
If you are just sick of being a landlord than get the best price you can for the home and move on. If the home is priced right and in good shape it will sale. But picking an agent that knows the area and has experience in that neighborhood is key.
If I can help you lease it out again or sell it let me know.
Selling the property at this time would probably assure you that you get the least amount for this property you ever will. It is not fun to see a property 10 years down the road selling for 3X what you sold your for :-)
If you are not tapping your reserves, and your already renting out the property. You may want to continue to rent.
Lastly, investors too can qualify for a short sale. Iâ€™ve successfully negotiated investor short sales. If you would like more information, please feel free to contact me via my profile.
Give me a call.
Sean Little, Broker/Owner
Austin Lone Star Realty
Send me the address of your home and I'll take a look at it. I have an active buyer right now in crestview, so I can at least encourage an offer if it meets their needs.
send it to Shawn@ShawnMon.com (I won't be seeing it here if you repost here, so just send it direct please)
Or just call me with it right quick..
I actually just was the buyer's agent on a home in Crestview and have clients that live in Crestview. If you price it well, it shows well and it is marketed well, it will sell. If not, it will just sit there. My last two listings in different areas that were well priced for thier areas went under contract in 5 days and 15 days, so there are buyers out there. My higher priced listings are taking a while to sell. I would need to complete an analysis to give you an exact answer, but short of that, If you bought it 3 years ago (unless you got a great price) you will probably sell at a loss. I wish you well with that.
RE/MAX Austin Skyline
For students, most would rather live in West Campus because of the easy access to UT, but you may be able to find a young professional to rent your home in Crestview. Even if your home negative cash flows when renting for the short-term, it will be better than leaving it vacant.
If you can hang on for a few more years, you may see the appreciation you are looking for while you also continue to pay down the note and gain additional equity.
If you seek representation, I can share with you my "2015" outlook and current market trends. Catch me here: