Pondering sale of 1st rental property for newer properties

[Sammy Brooks]

Hi All,

We recently took a family property and converted into a rental. I am now having some second thoughts, after discussing with a local investor. I'd like to hear some seasoned opinions if possible, since I'm still new to this space.

This is the first property that I've made into a rental. It was built in 1977, lately updated on applicances and roof, but otherwise an older property.

Mortgage and escrow: $858.54.  I refied for 3.99% in Feb 2022.

Rent payment: $1250

Property Management fee: $125

Repair costs since conversion to rental: $2636.48

Mortgage balance left: $141,631.67

Zestimate to value: $201,200

Checked with my CPA and I'm looking at about a $20k tax hit if I were to sell based on the amounts above.

As you can see, my cash flow is not very strong, and I'm considering to sell and find a newer/better placed properry. But I'm not sure if it would be worth it with the closing costs and the tax bill. House is based in NC.  Or should I just hold for the time being?

Thanks in advance!