Should I sell inherited rental property ($700k)?

[Jason K.]

I inherited a duplex in Queens NY (East Elmhurst/Jackson Heights), which is valued at $700k—no mortgage. Been serving as the landlord for the past year.

Rent is $3250/mo. ($39k/yr.), which is priced accurately for the area.

However, last year's expenses (e.g., taxes, insurance, repairs) totaled $25k.

$39k - $25k = $14k profit

For a $700k rental property, this yields me only a 2% return (cap rate).

Should I sell?