Rent it out or knock it down?
I own a single family residence in Utah county that I have been renting out for the past 3.5 years. It is an older home and the most recent tenants have left it in a sorry state - it needs new carpet, paint, doors, windows, shower. The roof is also due to be replaced. The property is on a busy road and hemmed in on all sides by commercial properties, so it is zoned as business/residential. My mortgage payment is low, so my rate of return is good.
My question is this - if I were to decide to stop renting this property and sell it, should I market it as residential or commercial? Or sell it as a vacant lot? I'm only half serious about that, but this current list of repairs has made the thought cross my mind. If I could sell it for more one way than the other, that could be a nice start toward a multi unit purchase, and perhaps a property manager. A
Any words of advice?