Sell for equity, or keep for cashflow?
So my partners and I have a "classic" dilemma. We bought 16 units (6 duplexes, 1 quad) on the same street 2-3 years ago (in 3 separate transactions). We paid about $66k for the duplexes, and $120k for the quad. We put 10% down and had private mortgage financing between 12-15 years, fixed. Income is as follows:
Duplexes- Averages $1,150 per duplex per month
Quad- $2,300 per month
For easy math's sake, lets say we owe $60k on each duplex (it's actually less than that) and $105k on the quad, for a total of $465k. I am contemplating selling at $90k per duplex, $180k for the quad. This would leave us with roughly $25k NET per duplex, $66k for the quad, TOTAL of $216k.
What would you do here? The units are about 50 minutes each way from my house (I manage them) and the travel is wearing on me. BUT I would be looking at about $7k per month cash flow once they are paid off. The buildings were built in 2003 and could easily be held for the long term. I am debating selling them and using the money via a 1031 to buy property closer to home (which is more expensive) or just keeping them forever. Help?