Sell It or keep it? What should I do?

[Mariela N-Tyler]

Hello BP Commumity,

I have a dilemma about selling my one and only investment property (as of right now...I plan to get more properties in near future) I acquired it in 2001 for $138,000, in Dearborn Heights,MI. We took out a HELOC for $15,000 to get new roof and new windows back in 2003. My husband, children and I moved out of it when market was still down, to a new house in Livonia and rented it out since 2014. We owe $106,000 on it and it is on a variable rate of 3.625% . The monthly payment is $1,184 right now. New payment in October will increase slightly once again. We are currently getting $1,150 per month in rent. The monthly payment on the HELOC is $300 per month for 5 years. The house will need a new furnace soon.

My agent wants to list it for $145,000 and see what happens. He thinks the minimun we should accept is $130,000. Should I sell or try to refinance if I can?

Any advice will be greatly appreciated. Thanks!