Advice : Sell SFH in Wisconsin, or continue renting it out

[Jai Reddy]

In 2005, I built a 2,370 sft single-family home in Waukesha, WI. My basis in the home then was $358,000.

I left Wisconsin in 2008, and have the home rented to the same family since then, who are glad to continue renting until I sell. They have never missed rent once in the last 7 years. My rent is set at $1500 per month, tenants take care of property management completely and send me receipt for any repairs. Repairs each year are less than $150, so tenants reciprocate a lower rent charge with good upkeep and low repairs.

I want to liquidate this home in Wisconsin and focus in my state (Oklahoma). But putting the property up for sale will drive away my tenants and their monthly rent check (I agree rent could be more but I will not gain much considering my annual income)

Thanks for reading, I appreciate any input to what you would do in my shoes.

[Jon Huber]

@Jai Reddy Definitely a valid question. I don't know enough about the Milwaukee market to tell you how much you could get for the property... but being how Milwaukee is a desirable market for investors ever since @Dawn Anastasi and @Mehran K. teamed up and told the world on a podcast they were getting 2-3%, I would say you can sell the property without actually "putting the property up for sale". You can explain the situation to the tenants and explain that they would be getting a more attentive landlord that isn't focused in another state almost 1,000 miles away. I am sure they would understand.