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Another rent or sell situation.

I own half a townhouse. Strange area for housing prices. I snagged it 12 years ago for 42k. My financial situation made me take out a 30 year loan which seems silly but it is what it is. I still owe $30k. Assessment is $120k, so we have some good equity. 3 bed, 1 bath, 2 car garage, good sized yard. We just purchased a large 2600 sq/ft 6 bed, 2.5 bath, 2 car garage house. It was a foreclosure, and all the copper had been stolen out of it so it needs plumbing and heating redone. We got it for $45k. Contractor says $70k to get it to living condition. I figure I could rent my current home out for $1600 a month. But then I have $120k in debt on the new one to pay back. Or do I sell it, and pay down all or most of the debt on the new one. Looking at all my options and would love some opinions.

submitted by /u/SkittleCar1
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source https://www.reddit.com/r/RealEstate/comments/1vjo6ve/another_rent_or_sell_situation/
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