Refinance time - sell property or refi and keep renting

[Raj Kumar]

First time post.

I purchased my property in 09/2008 - 275K. For personal reasons had to move out, and started renting 02/2012, it's now 3 yr 10 months in rental with 4 month vacancy during this period.

1. 1. Rent/month - 1850
2. 2. Current principal - 190K
3. 3. Interest rate 3% -  5/1 arm ending in 6 months
4. 4. Annual Property taxes - 3K
5. 5. Other annual expenses - (insurance, hoa etc) - 1.5K
6. 6. During this rental period paid 6K for agents to procure tenant.

Current market value 290K.

As my 5/1 ARM term is ending in 6 months, I started to look for refinance options, i checked interest rates, now it's considered investment property so rates are higher, about 4% for 15yr fixed.

Can I get some help, this property, should I refinance and keep renting or sell it, how much I'll get if I sell and pay off mortgage, what's options I have.

[Lance Wakefield]

@Raj Kumar

The big question is what are your goals? It sounds like you would exit with about 80k, how would you invest that? and would that get you closer to your goals than keeping the property? 

Best of luck