@Xavier Noel Ok your 1st step is defining this first analysis phase; what time constraint do you have to make a decision within.
For this there is 2 primary items that dictate these terms; market and capex.
For market; where does it project out in next 6mnths, 12mnths, 3yrs, 5yrs etc.. Is there any looming big-thing in works, or of recent, that presses a time urgency to act? Aka a "rug-pull".
For capex; where are you in the cycle of things. You need to have a capex schedule knowing what, as defined by math and expected life expectancies, is up and coming in next months and years. And by the #'s, how much is those capitol investments going to be, when.
These 2 items will detail when major decision points need to be made by.
And next, for the decision we should use what's famously taught at Harvard Business's. You know what you could get as FMV, you know when these forecasted changes will land. Instead of looking at what is in hand to decide, instead look at it as if you sold, had that $ in hand you'd have from selling, and instead ask if you had that $$$$, would you buy that property as an investment asset vehicle?
Or, would you do something else with the capitol?
If the answer is something else, you should strongly consider selling and digging into that something else.
If the answer is you would by this property, at that price, in that condition, with that $ to get to the place are now, then your probably best to sit it out.
Last advice point is; a CORRECT investing plan ALWAYS has exit strategies built in from day one. A plan without an exit is not a plan, it's an idea, a notion. All investing plans have an indicator to know when it's time to walk away. And for what next.
Growing a portfolio will always require selling. If for nothing else then the capex factor. Capex is a profit thief. Appreciation is the empowerment of scaling, 1031 is the super-charge to that, and deferred maintenance the erosion force.
To best grow a portfolio it's important to get appreciation to chip-in, and not rely solely on ones own capitol investments.
This requires a good comprehension of what is your $, and what is OPM. Your $ is the capitol you have invested, the $ our of your pocket. That is the actual investment capitol. If property appreciates $300k, no that is not your capitol investment until you've paid Uncle Sam for it, then it becomes yours and it's now you capitol investment.
So say you instead refi, and get another let's say $250k from that. And use that $250k to secure say a townhome you run for rental. No, that is not new capitol investment, that is from the same $-pile it's just an expansion of the AUM and gross revenue potential and all that operational factoring.
The rare exceptions to selling for appreciation harvesting too pyramid is when the asset has a special factor to it's specific positioning, such as water-front or something similarly special and very long enduring to it's placement. A factor that is measurable to it's anchoring.
These rare exceptions are where reaping capex is more then worth it, and factored in, to fully renew a property every 15-20yrs as a great ROI for holding that specific placement on lock as getting another is cost prohibitive.
And never "invest" in land to build upon unless that build is factored in day1, otherwise your just speculating not investing.
Personally if it were me, I'd consider it a no-brainer and I'd at minimum do a refi of some type to access equity and get it deployed. Via taking that as cash-flow you cutting returns via tax impacts on cash-flow. Deployed into another property, taking returns via equity and appreciation accrual, you lowering tax impact and getting it via a "tax avoided" return structure.
Same premise why Elon and others take compensation in stock vs $. Taking compensation via asset's allows capitol access via loans on assets which even at 7%, is a heck of a lot less then tax implications if got paid in ca$h isn't it? Heck yeah, a lot less, by multiplication factors.
So unless you need it, why not take your compensation via equity and access it via loans (tax free) just like Elon and every other bazillionaire does.
Heck, you could take that capitol and park it in a money market account or treasuries, whatever uber low return and you'd still be coming out ahead just for fact of tax savings alone.
