Another...Should I sell my rental? Help a guy out

[Lou Migliaccio]

Hello all. I hope this is posted in the correct spot. I own a rental property in Sarasota Fl. Here are the stats:

Single family 2/1/1

Purchased for 159k in 2004

Owe 115k

Mortgage/insurance/taxes/hoa are 1300.00 a month

Currently rented for 1425.00 a month

Current value is around 195k

I redid the entire house in 2004 (except roof) but now the insurance company will not renew my policy unless I re-do my roof.

I live on the east coast so I cannot maintain the property on my own.

Question is. Do I sell and re-invest into something else closer to me, is the market too high right now, best thing is to sell and wait, hold out? etc.. I own a couple of restaurants so I was thinking either buy another rental property or open another location for business. I just don't want to make a mistake selling this property...

Thanks for all your help.

[Steven Kleppin]

@Lou Migliaccio If you say your PITI is $1300 and are renting for $1425, that doesn't leave a lot of room for maintenance and vacancy while still getting cashflow. It's not ideal as a rental if your goal is cashflow. If you have other goals like appreciation... that's another story. Even without the roof/insurance issue, I would look at ways to increase the rent and/or decrease the PITI or else it's not a very good rental unit.