Looking for advice on selling vs. continuing to rent

[Christopher Kelly]

Hello,

A little backstory on my situation. I inherited a fully paid off single family rental property in 2019. At that time, we decided to leave it as is and continue to rent to the long term tenant. He passed last month and we have spent the last 30 days updating the property as best as we can. In our market, the best we could likely do on rent is $2200 a month. Property taxes are north of $3500 a year. And the market value of home is somewhere in the $350-$375k range.

I'll be the first to admit that I'm not an expert of real estate investing and as such my math may be off. But after factoring in taxes and insurance, I'm coming up with a return of approximately 6%. After factoring in appreciation I may be able to return roughly 9% a year. Is this the sort of return that should be expected in real estate or would I be better off selling and investing elsewhere? With the stock market down, and likely to go down further, would I be better off putting that money to work on wall street and waiting for interest rates to knock down prices on a multi family? Lots to consider and all opinions are welcome!

Thanks in advance!