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Money and Finances
Reply to "WWYD: keep DC rowhouse in Shaw as investment?"
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[quote=Anonymous]I think strictly by the money there's probably a good argument it makes sense but you need to seriously consider whether you want to be a landlord and particularly a landlord in DC which has some of the tenant-friendliest laws in the country. For example, did you know a tenant has the right to keep renting an apartment as long as they want, so long as they meet their lease obligations (and no, you can't double the rent as a way of getting rid of them). Also, keep in mind that if you sell now, your capital gain will be entirely free from tax. If you rent for more than 3 years you lose that. Plus once you convert it to a rental you will start taking depreciation (good) and owing depreciation recapture tax when you sell it (not good). If you are on the fence or need the equity I'd probably suggest selling, but if you are into the idea of having rental property for the long haul you will probably do pretty well. [/quote]
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