First Rental Property. Hold, Sell, or Refi?
Help! Please help evaluate my rental property. New to real estate investing, not sure if I should hold, sell, or refinance. Studied throughly and am stumped. Background: Purchased a small single family in 2009 for 170K with 3.5% down, 3.75% interest rate. Fast forward 11 years. owe 119K, PITI 1158. Wife and I bought a new place, and rented out former residence to a great, reliable tenant for 1800 / month. Very little maintenance as it is small (756 Sqft ) and in great shape. Dont expect much vacancy as it is a desirable spot. Current market value is 300K. Cash Flow is currently 600/ month. Is this a good use of my 180 equity? should I sell and reinvest in a multi family? Please let me know if you need any more info. At this point my Pricipal, are equal , and I hate to give up on that progress. THANK YOU!