Reply to Leaving area with no plans to return -- sell or rent house?

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[quote=Anonymous]I have a house one block from a metro station. 2000 sq ft, 4 beds.  If I sold today, I'd probably pocket $200K after commission was paid (likely 50K more but being conservative here).  The selling price would be $80K more than I paid for the house (again likely more but being conservative).

Pros of selling now:
1) Huge down payment for a house in the area I am moving to.
2) Avoid capital gains since selling the house after the 2 out of 5 years rule is up will mean paying capital gains unless I can do a 1031 exchange into another rental.
3) No costs of future repairs on this house as a rental, missed months of payments during lease turnovers, etc.  If I held as rental, no trying to manage the selling process from afar.
4) Great sellers market, guaranteed sale at a high price.

Pros of holding as rental:
1) This metro is just now starting to redevelop with multiple projects recently completed, underway, or about to be.  
2) After property management fee, will profit $500-$600/month.
3) I don't want to be that guy who sold a place in Clarendon in 1999 and regrets it to this day.  I keep coming back to the fact that this is 1 block from the metro in the capital city of the US.  
4) If in the off-chance I do move back, I have a property to move into.

I know many people say to sell if you do not intend on coming back.  But I have other rentals in the area under property managers and it's already as if I'm not in the area.  Never visit the houses, never see the managers.  I trust them and they take good care of my properties.  So I am not worried about that aspect.  Especially with a house like this with the rent price it demands.  You're going to get some pretty decent tenants.

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