To sell or not to sell profitable vacation rental
Gosh I'm in a good pickle...
I have a vacation rental in an amazing market that I have owned for 10 years and have easily grossed 45k+ a year consecutively and no signs of slow down. I have about 170k in it and only owe about a 100k. I can sell for 325k right now. My thoughts are to 1031 exchange and build a brand new vacation rental in same area. Basically to have a brand new more desirable and less maintenance and less negative comments on age. It's currently 30-40 year old log cabin.
Am I dumb for selling? Should I keep it and just deal with the maintenance and figure out a way to leverage and still build a new one and keep both? Just figured I could possibly own a brand new cabin free and clear. But I also dont want to be kicking myself later thinking how silly I was to sell it.