Assessing whether to keep rental unit

[Jack Beach]

My wife and I purchased the house next door for $250K in 2021, 20% down @ 4.5% APR for 30yrs, $40K put into the rehab, and split the unit into an upstairs/downstairs duplex (not on meters though). Currently rents for $1800 upstairs, $1200 downstairs for total of $3K/month. We cover utilities (electric, water, internet, grass) which comes out to about $300/month on average. Needs about $15K of work to get it looking good on the exterior. Interior is in great shape and tenants love it. Constantly stays filled. We're considering selling it to access capital to do some other deals. Comps would put it around the $550K mark. Capital gains and agents would take about $80K off the top. With the $200K debt, gains + agents, and repairs we're looking at a net of ~$250K.

Question is: would this be a wise move in this market or are there creative options we aren’t seeing? Or should we just hold and ride..

Thanks

[V.G Jason]

If this is in a good location, you keep this baby.  You literally are doing what everyone here is trying to do, and you're finding a way out?