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Updated about 3 years ago,
Need advice on whether to attempt to sell or keep and BRRR
I purchased a 4 plex in Berkeley in August 2020. It is a few blocks from campus and good for student housing.
It had one long term tenant under rent control who has since moved out(although they are in litigation with myself, prior owner and both current and prior management companies)
Rents are currently a bit under market at about $8k/month with one unit being vacant(should be filled soon).
Purchase price $1.2
Loan of $900k @ 2.85%
Money spent renovating and upgrading to date $40K. Still needs more work to the tune of about $15-20K.
Also I had to carry the property much of covid while unrented.
There is a potential to sell it although not quite sure at what price yet($1.8m was mentioned)
My current inclination is to keep it and BRRR it as I am not sure where I would 1031 the money to right now.
At what sales price would you keep and what would you sell at?(and why)