cash-out refi / sell / or hold??
I own a mixed-use building (free and clear) in the downtown area of a rough city in Mass (2 efficiency apartments over a commercial unit). The building is worth 100k-- at least that's what it would likely appraise for. It cash-flows roughly 10k per year which I'm happy with. The kicker is that the building is in a terrible neighborhood and is surrounded by probably 40% vacant and rundown properties. The area is likely going to continue to decline. The saving grace is that the building is across from a new police station.
I cant decide what to do with the equity in this building. I could cash-out refi for roughly 75k and still cash-flow positive. This would be great to continue on investing in multi's in better areas. I could try to sell, but not sure if there is any market for it. Or I could leave it alone and let it cash-flow-- until I lose the commercial tenant.. then the building breaks even and becomes really difficult/ impossible to sell or lease.
Am I missing any better options for what I could/ should do with the equity in the builing? All thoughts and suggestions welcome!