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Pretty good, but surely you had a loan and other expenses since you only put a downpayment and didn't buy the property outright.

Yes, well, but that's the point. I put down $5,000 and bought a $65,000 property. That $65,000 property is now worth $550,000 on the open market. (You are correct that I haven't included any capital improvements: $8,000 for a kitchen about 8 years ago, and maybe another $3,000 over the past two years for re-epoxying the tub and for refinishing the hardwood floors. Otherwise it's been "maintenance", paid for out of the rent.)

I don't think it will sell above $425,000 in today's market. I just lowered my listing price from $445,000 to $435,000 on friday.

OK. I'm basing my $550k conservatively, as the two most recent comparable sales in the building have gone for $568k and $587k, and mine comes with a parking space which those don't.

I lived in the house for 13 years, and that counts for something.

Yes, that's why I didn't include my "rent" (for the first 4 years when I lived there) as part of "the investment." Had I bought it strictly as an investment/rental property, I would have had to live somewhere anyway, so I would have had that expense regardless.

My realtor is doing an open house this weekend as I write. Yesterday only one person showed up.

Open houses are mostly for realtors, not the real estate, according to our friend the realtor. She rarely, rarely, rarely sells a property through an open house, but she meets a lot of prospective clients that way ;) I don't know your market, but a broker's open might be a better idea (in some markets not) or other things... Having just sold my father's house, I will tell you that that realtor wnet out of his way, calling other realtors who had had showings and updating them on the, uh, updating that had been going on (in response to client comments), sending out flyers, advertising in local papers (with a picture) and so on. He also held two open houses, back to back, but nothing came of that. Eventually one of the early walk-throughs who complained about everything (the wall paper! the rug! the door handles! came back through after I had changed most everything, because in truth, it all needed to be changed. Mom's taste was of an 89 year old woman, and there aren't many buyers in that group!)

Regardless of the value of the property and your equity, if you can't prove that you have income to pay back the loan, you will not a loan.

OK. You might know more about this that me, since it's been a long time since I did it, but I honestly find it very hard to believe I couldn't find someone to loan me $300,000 on a $550,000 property. Heck, the Loan And Title place would probably do that!
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