Yeah, I see that perspective.

The only thing I'm interested in, really, is that in another 3 years or so it will likely be worth another $40-50k or so and we could use that cash-out to roll into a home purchase/move elsewhere once I graduate. Actually, it just occurred to me that the irony here is that this is kind of the same dilemma I had in deciding whether to stay or leave here.. funny, that.

I suppose it would be a relief to just be done with it and not to have to worry about it, but the potential reward is pretty nice, too. I'm going to talk to a property management guy and see if he can convince me one way or the other. If he doesn't sell me on the absolute ease and certainty of renting it out, I'm going to put it up for sale and be done with it I think.

The housing market in this area is really going nuts and it likely to keep doing so unless something unforseen makes the market tank. The Seattle area is FULL and so peeps are moving southward looking for cheaper housing. My home is valued at about $165k down here, but would be upwards of $400-500k in Seattle, just 25 miles north, as nuts as that is. I live in a unique community that is self contained (gated) and while each home is free-standing and has its own footprint, the development has been zoned as a condominium to get around setback issues and other design legalities. The nice bit about being an association is that there are standards to be maintained and the community's curb appeal will be kept up as a result which should hopefully also maintain property values.

As it stands, if we sell, we'll have to pay off an equity line of credit as well as our mortgage, which will leave us with somewhere between $10-20k after fees and closing costs. That'd be enough to pay off our credit cards and leave us with nothing but a car payment and a small student loan payment to be responsible for.. which would be nice. But, refinancing the home now, dropping our monthly payments (1st, 2nd + C.C. absorbed) to $950/mo would reduce our monthly outlay by $400-500. Renting our home for $1200 or $1300 would give us a bit of cash flow and allow for equity growth, but the scary thing (of course) is what happens if the renters bail out on us or don't make the payment and we're stuck with it.

Feh.. I dunno!

I'll listen to what the guy has to say and then make a decision, I guess.