Rental with No Cash flow
I have a rental property in Riverview which i bought during the "boom Years" and I have owned it for 14 years. It is not cash flowing as it has an adjustable rate loan which has been going up again after being at historical lows for some years (it went down to a low of 3% but is now up to 5.75%) I am trying to decide whether to refinance it to stabilize the payment or just sell. I think with a new loan i can get it to cash flow about $350/mo. If I sell and do a 1031 exchange, I will have about $50K to work with. Any thoughts? Refinancing will cost me about $5K