Free & Clear downtown rental property- How to scale up?

[Michael Harris]

Hey everyone, 

I inherited a great home (3/1.5) owned by the family since 1930 in a popular downtown area about 6 years ago. I have ran it as an STR through Evolve (with no great STR knowledge) and didn't clear more than 24k which is quite similar to- if not less than having ran it as an LTR.

Currently: LTR $1650/ month - increasing to $2100/month with no mortgage, HOA, or large monthly payments other than the occasional repairs.

Home is worth 650-700k.  I have twice used HELOCS to purchase my last two primary homes before selling them for large profits in AZ. 

I was hoping to get some insights on how some people would proceed with this situation. I plan to retire in 9-10 years with a pension and would like to have a supportive portfolio by that time in lieu of obtaining another W2. 

My initial thoughts for options are:

- Sell and 1031 into larger potentially more profitable LTR/STR

- Attempt STR again having completed STS masterclass and further education

- HELOC for smaller LTR's

- Status quo, eventually buy new primary and rent out current primary (870/ month mortgage payment on a 450k home) 

Thanks everyone! 

- Mike