My 90 year old father owns a 2-family house in NYC with a current market value of around $650k - $700k. I have been living in the apartment upstairs with my boyfriend and his 14 year old son the the past 2 years. I am the primary caregiver and take care of shopping, cooking, cleaning, clothes washing, driving him to doctors, and pay some of the bills, and live upstairs rent free. My brother is not involved with the daily caregiving needs. My dad, except for being old and in declining physical health, is still very sharp and mentally competent.
I own a home about 80 miles away and would like to move there full time in the near future. I have not moved there yet mainly because I did not want to be far away from Dad and he, understandably, has been resistant to leaving his house of the last 50+ years. Now he is talking about possibly selling the house and moving upstate with us and would like to distribute the profit to my brother and I.
He does have a will set up with the house passing on to my brother and I equally. His mortgage is paid off, but there is a line of credit with a balance of $30,000 which we used to make repairs to the house. The house was built by my parents in 1963 for around $30,000. The value of his estate will be under $1 million. His pension, social sec, and withdrawal from investments total around $40,000 a year. He has a LTC policy with limits of $3,000 a month/2 year period/90 day wait and a life insurance policy with face amount of $30,000.
We are conflicted with what to do...any thoughts...advice on whether or not to sell? Pros and cons to either for my father and my brother and I? If we didn't sell, moved and retained as rental, it would generate somewhere between $3,500-$4,000 a month in rental income. However, I would be responsible for handling tenants and would not be living close by...although I guess I could consider hiring a property management company to handle it...