Cashout Refinance, Sell, or keep??? Great Falls Montana SFR

[Bryan C.]

Ok so I am seeking your thoughts concerning my Single family rental (SFR) in Great Falls Montana.......Should I choose Option A, B, C or D?

Before you can decide you need some info...

Purchased property Aug 2010 for $151k

5 bed / 2 bath (2 beds downstairs are non-conforming)

Approx 2300 sq ft (1150 up & 1150 down)

New roof - 2014  New water heater - 2015

Needs new windows (within next 2-3 yrs) ..........$6k

Needs new furnace & a/c (within next 2-3 yrs)....$6k

Property is rented @ $1200/mo but lease ends in 45 days (June 2016) with the ability to increase rent to $1250-1300/mo.  Rent has fluctuated $1200-1350/mo over last 5 yrs.  We have put about $10k into the property over the last 5-6 yrs.

Expenses:

15 yr fixed Mortgage @ 3% (12 yrs left) 

PITI = $1004/mo (about $550/mo against the principle)

Prop Manager    =  $120/mo

Vacancy @10%  =  $120/mo

Repairs @10%    =  $120/mo

CapEx @10% = $120/mo

Total expenses =  $1485/mo (but $550/mo reduces principle of loan)

Income =  $1200/mo (can increase to $1275/mo) 

= ($285/mo) cashflow      but    = $1825 - 1485 = $340/mo increase in equity

 However, property value = $190k    Principle balance = $93k      

Available to cashout refinance $40-50k 

Option A -Increase rent to $1275/mo & continue to rent property....$340/mo equity increase

Option B -Increase rent to $1275/mo & cashout refinance...use $40-50k to acquire another midwest rental producing $300/mo cashflow

Option C -Sell property @ $190k - $15k closing - $93k payoff = $82k cash...use to pay off personal loan & acquire another midwest rental producing $300/mo cashflow

Option D -Suggest something not listed above.....