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Curious on getting some thoughts surrounding my sole rental house if should hold on to it or sell in a hot market.

Bought it 4 years ago for $275,000, currently owe 210,000
Current market value would be 430 on the low end, 480 high end... but the way I'm watching offers on homes in the same area over 500 might be possible.
My fixed annual expenses on it are $18,500
My annual income on it is $23,000
My fiance and I both have secure jobs and good income so we don't need cash. Just curious if it makes sense to hang on to the property. I've been renting it for over a year to the same tenants who have been a breeze, and we only did so in the first placed because we could manage keeping it when we bought our second house. We never really had a long term plan or goal for it, we always figured rent it out for 5ish years then sell and buy a cottage once we were married and family started.
The housing market is making it very tempting
 

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It won’t cash flow as a rental, sell it. If you want rentals buy several more with the proceeds That would cash flow. This one doesn’t require much thought.
 

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There is no right or wrong answer here. It all depends on what your intentions are. If you can make more use of the equity or no longer want to manage the property, then selling would be the answer. Go back to the original reason you bought it and see if that reason is still true today.

You technically are cash flow positive - not much cause after tax you're only a couple thousand up. If you include any repairs, you will be flat even at best. Great thing is you've built 50% equity in 4 years assuming there were no major expenses along the way.

Alternative is you can pull out the equity and do something else with it. Even if property is valued at $400k, you can refinance to $320k putting an extra $100k in your pocket. You're initial cost becomes fully leveraged so your return on investment is infinite cause you no longer have your own money invested. That extra mortgage will increase your monthly expenses by less than $500. Depending what your current amortization is, bringing it back to 30 years will further reduce your mortgage payment so your overall expenses may not go up that much. Then all you need to work on is increasing your revenue.....and put that extra $100k+ to work for you.
 

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With a single self-managed rental my answer to whether to keep or sell it will always be the same. Do you want to be a landlord or not? My answer would always be absolutely not. Too much hassle for me to even consider doing so. I'd rather invest my money in something less 'hands on' or if it is hands on, something that I am happy to be hands on with.
 
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