Level Up or Stay Put?

[Daniel T Stockman]

I have a question and it revolves around selling a property. Let me outline the situation:

- We purchased a property in 2021 for $245k and now we can sell it for $350k. We currently have a 2.99% interest rate.

- The property currently rents for $2,300/month & escrowed mortgage is $1,562/month. There is an HOA of ~$200/month. We also have a Property Manager who takes $195/per month (plus a lot of small fees/charges for minimal repairs).

- In theory, we COULD cashflow ~$538/month (without the PM), but in reality, we are only averaging ~$150-$200/month.

- If we were to sell today, we'd have ~$103k in hand (after realtor fees/closing/etc) to invest elsewhere.

Should we do one of the following?

1 - Keep the property and fire the PM? Thus increasing cashflow

2 - Sell the property, re-invest the ~$100k into multiple SFHs or a Multi? Thus increasing asset value & look to increase cashflow

3 - Do something else that we haven't thought of.