House in Saint Louis, MO (Crestwood)

[Scott Gillespie]

Hi All,

My wife and I currently own a 3 bed/1.5 bath home (formerly our primary residence) in the Crestwood area of St. Louis that we've been renting out for the past 3 years after moving to Kansas City. Up to this point, the property has not been cash-flowing, but we haven't been losing any money either.  Our current renter's lease will be ending this coming June, so we are trying to decide what we're going to do with the property.  Should we:

1.  Refinance to bring down our monthly payments and continue renting it out at its current rate ($1300/mo)?

2.  Invest in some updates and put it on the market to sell?

3.  Invest in some updates, refinance, and try to rent it out at a higher monthly rate?

Our long-term goal is to also begin investing in other properties out here in the Kansas City area.

Any insight/recommendations would be greatly appreciated!

Scott Gillespie