Hold Property or Sell and Reinvest

[Courtney Jefferson]

2 years ago I bought my second property on a barrier island in my Florida hometown for 500k. I have a 2.5% interest rate, put no money down (VA loan), and invested around 75k into renovating the property. I lived in it for a year then renting it out. Rent is currently 6k but they leave next month and the new rent would be 7k. I do have someone who would take it for 8k with a 2 year lease but I would have to hold until August which is difficult as I am a single mom. Currently I could sell the property at around 1.3m-1.5. My question is do I sell the property and reinvest that money or keep it and rent it out long term. Currently there are no houses on the island for less than 1million and very little is renovated. It's a very seasonal spot but it's consistent and while I do think prices will drop in the nearer future, I do not see a time where I am ever not able at least cover the mortgage and repairs.