When to let go of an underperforming property

[Andy Reddy]

Morning everyone,

I have a small dilemma that I need to solve. I purchased a 4 bedroom townhome in a great area in Delaware about 2 years ago. However due to my job I moved to Florida where I actively want to invest. The property in Florida cash flows but is relatively under performing (clears about $250 after mortgage and property management fees).

The property has appreciated about $20k since my purchase and I was considering a cash out refinance instead. However, I purchased the property new with VA and would like to keep my equity cushion. My goal is to purchase a duplex in Jacksonville, FL which will command a much better return per bedroom. Any advice would be appreciated. Thanks!

Andy