Aloha! I purchased a single family home 5 years ago in Las Vegas for $162,000. Current comparable price is $178,000. My mortgage payment is $1180.00/mo. I currently have renters who are paying $1100/mo. 

A mortgage company offered to refinance which would bring my payments to $883/mo. 

Should I refinance? Or should I sell and get another property?

Any advice would be much appreciated. Thank you so much for your help in advance!

Mahalo, Jason

hard to imagine a property that did not appreciate at all in 5 years after the 30% plus rise in property values.I would try to sell property and move on. If you factor in closing costs it might be 3 years to start showing your benefits of a refi

What was your intent when you bought the home 5 years ago?  Was it an appreciation play, in that you were going to hold it  x number of years and sell to make a profit on the appreciation?  Or, was it a long term hold acquisition in which you were buying the asset to keep in your rental portfolio and have tenants pay it off for you?  

If it were me (I've lived in Las Vegas for 23 years) I would be inclined to keep it unless you have decided to not be in the landlord business.  I can't advise on the refinance, because you have not given me enough information.  A lower payment does not mean it's a better loan, or a wise move.  If you want to email the details of the refinance, I'd gladly tell you. I also need to know what the current loan details are.   If you want to email me the address of your rental, I'd gladly give you my opinion of its present value, relative to your purchase price of $162,000 5 years ago.  Your numbers above for purchase price and comparable value 5 years later are suspect to me. 16,000 in appreciation over a 5 year period is equivalent to an average of less than 2% a year appreciation.  Even if your home was one that declined in value during 2011/2012, unless you paid way over value for it when you acquired it...it's got more appreciation in it over the 5 years since you bought than $16,000.

I agree with the others. If you bought the home 5 years ago it should have appreciated a lot more than the figures given. The only reason I can see is if you over paid for it and it continued to lose value in 2010 before beginning to go back up in 2011+. First thing I would do is a someone run a CMA for you so you have solid numbers tk use when weighing your options. Then go from there. Let me know if you would like me to assist you with this.

@Jason Passion Where is the property located?  If it's in a good area with stable tenants, I'd be inclined to keep it as well, unless you need the funds or mortgage capacity for a better deal.

I have struggled with the sell vs refi question myself ... while I don't have a specific answer to your specific question, here is how I decided: 

1)after the refi, will it cashflow with ALL expenses inluded ... if no, sell; 

2)If yes to #1, take the sales price you'd get and subtract out the transaction fees to sell (capital gains taxes, RE commissions, etc) ... now, with that adjusted number in hand, ask yourself and answer honestly: If a similar house came on the market tomorrow at that price in that neighborhood would I buy it? If the answer is no, sell ... if yes, refi. In short, if you wouldn't buy it, then you should sell it.