Sell house or continue as rental- Military
Looking for advice on a property we own in Virginia. I am a Naval Officer and we purchased in Chesapeake, VA in 2007 for $417,000. We moved from there in 2012, thought we'd be back (plans changed- we are not going back), property values went down so we have been renting it our for $2200/month for the last 5 years. After property manager fees we receive $2024/month and the mortgage is $1748/month. With normal maintenance I am about breaking even on an annual basis.
The current lease is up in June and the house will likely sell in the $350-360k range-- in June I will owe about $308k on the place.
I'd like to be done with the headache and move onto more investment properties in the Jacksonville, FL area. I realize I will not see much cash out of that deal but would like to lose the headache.
My question- does it make sense to sell or continue renting? We have rented it out for 5 years, had 3 different tenants and not a single day of vacancy. Military families have been great to the place.
Thanks in advance.