Sell the unit or get cash out equity line?

[Nicholas Kitchen]

I'm having a tough time deciding what I should do with my rental unit. I want to take some cash and start investing in multifamily properties.

It's a 2/2 Condo in a highly desirable location.

Purchase Price: $97k

Owe: $68k

Cash Flow (after debt service): +- $250/month

Market Value - currently selling for +-$150k

The HOA is $450 a month, which is included in the rent price of $1550 a month, so it's not that big of a deal.

So I'm trying to determine if it's more beneficial to sell it, take the cash and look for a duplex, or get a 2nd mortgage and take some cash out, since I'm so far in the green.

Thank you in advance for all your input!

-Nick