Own a 2nd home we currently rent, paid low... should we sell now?
Hi, I'm new on here, excited about finding it!! Long story long... My wife bought a townhouse in 2010 for 89k. 0% down USDA loan. We met, and moved in together into my house, and began to rent hers out. We currently owe 75k, like units are being sold for 140-150k. Should we sell and do a 1031 exchange? Or rent it out again? It currently rents for $1250 per month and our expenses (including repairs and cap ex) are $1126. Not a high cash flow but if I've done the calculation right the cash on cash ROI is 24% because she put $0 down... so the question remains sell or rent??? Thank you for your time