You own a house that you rent for $1,225 per month. The maintenance expenses on...
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You own a house that you rent for $1,225 per month. The maintenance expenses on the house average $225 per month. The house cost $224,000 when you purchased it 4 years ago. A recent appraisal on the house valued it at $246,000. If you sell the house you will incur $19,680 in real estate fees. The annual property taxes are $2,750. You are deciding whether to sell the house or convert it for your own use as a professional office. What value should you place on this house when analyzing the option of using it as a professional office?
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