The monthly rent sounds too low to cash flow from either house. If you kept your cash in the house ($60K), I'm estimating your annual return on investment will be around 10-11% as a rental (after expenses). If you flipped the property your return is 43% after the sales cost (not accounting for taxes). If you refi the house for 60K what will your monthly payments be? I don't think you would have any significant cash flow. I would flip both properties and find a rental where the rental rates make more sense.
Payment ,taxes and insurance would be about 650 to keep both properties
Long term wealth is best built by holding, so as long as it cash flows, I'm in favor of BRRRR.
first instinct was a rental area of 650-700 for homes would not sell for 90-100k, like new is not new, and if lots of homes in 46k bracket yous will have to appraise out, if you can rent for 700 each and total cost to re-fie and keep is 325 each I would re-fie both and do another, but get a bank appraisal first to make sure before even a tenant looks at it and look at some rentals on market, to make sure your rent figures are right, maybe able to rent for more or do sell option and hold 3-5, depending on supply / demand a particular area, next time try to buy with less out of your own pocket and be careful not to over improve by neighborhood, some price points sell quickly some take a while, say 45-50 might be hot but 90k might take 4 months on market or more depending on whats going on around you(job turnover,economy,relocations)
In the tools menu there's these calculators. They're fantastic as when you run the numbers you'll figure out if it's better to take the profits or run it as a rental.
Definitely check out the calculators as Steve said above if you haven't already. You can plug all your numbers in on a rental property, print the results, then switch the data over to a flip analysis and compare the two.
Seeing the numbers laid out should tell the tale, and sounds like you have good cash for flips on both if the rental numbers don't make the grade, congrats.
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