Selling my FIRST investment property! Help!

[Joe Kim]

Hi Biggerpocketers!

I'm a relatively new REI that started my buy/hold adventure about 1.5 years ago. I caught the real estate bug and caught the tail end of the great recession in 2013 and bought 6 doors (4 SFR, 1 duplex) in 6 months! I bought one more property in San Antonio this year in 2015.

Given all the recent discussions on biggerpockets and other sources, I honestly believe the market is getting frothy, red-hot in many places which leads me to wonder about another bubble bursting and recession in the next 1-2 years.   Combined with other reasons, I have decided to sell my first investment property!  

Actually my very first investment property was not an investment at all but my first primary home.  However, in 2009 when I changed jobs and had to move, we were way way under water and could not sell the property.  Therefore, we became so called "accidental landlords" and rented out the home.   Unlike my other 6 "true investment" properties, I self-managed this property which is located in ORANGE, CA.   Thankfully, I had good tenants with very little to none hassle of managing them.   Keep in my I no longer live in the same area as my property so I would be an out of town seller.

Now, it's 2015 and the property is currently renting for $2300, mortgage is $1900.  However, the mortgage rate at 2.875 is a variable rate and will set to go up next year.   The property has appreciated almost 50% in value since 2009!   I am happy to take my profits and invest in more sensible markets like Texas and the like.

I just realized the other day, I've bought 9 total properties (including 2 primary residence) but yet to sell my first property.  This is my FIRST property I'm actually selling.  And that's why I need your help and advice.

Finally here are my questions and tasks to accomplish.  I would love comments and suggestions from investors who have already gone through with this process.

#1  Finding a good listing real estate agent who will work well with out of town investor/seller

- I've already contacted friends who live in Orange area for recommendations

- I've searched on Zillow and Redfin and contacted 3 different realtors.  I plan to phone interview them and make my final decision in the coming weeks when we fly out to the house to meet with the top candidates

#2  Figure out if I want to do light rehab - paint/carpet vs. medium rehab (old 1997 kitchen that needs new countertop, oven-range, and new sink)

#3 Timing.   Lease ends 6/30/15.   It's my impression that I will get the best price if I sell by early August before school starts.  Therefore, any rehab has to be done quickly.

One realtor already recommended something called "pre-marketing" now.   Not sure if that's helpful or not but sounds like it could not hurt.

#4 1031 vs. NO 1031.   I would rather not do a 1031 exchange due to the fact I feel forced to buy another property quickly when good deals are hard to find.    I am talking to my CPA to find out what my tax implications are.   The sale price is very close to my purchase price in 2005.   (amazing in California the rise and fall of home prices are truly roller coaster rides!)    With all the depreciation loss saved up from other rental properties, taxes may be small. 

Thank you in advance for comments and advice.   Biggerpockets is awesome!