Sell or hold denver

[Joe Martino]

Hey eveyone,

I have a scenario that I would love another opinion on. I have asked about this property before, but I have not included my numbers before.  I have a rental in Sherrelwood, CO that I owe 107,000 on. The total mortgage, taxes, insurance and all is $738. I have had it rented out for 1000.  My renter just moved out, so I have the choice of selling it or renting it out for 1100 maybe 1200.  If I sell, I think I will get 190,000.  The house is a C in a C neighborhood.  If I sell it, I will plan to use the approximately 65,000 to try and find a 3bed 2bath for around 330,000 in a better part of town.  The house is directly across the street from HWY 36.  Basically, should I keep a slightly better cash flow in a poor location or try my luck in a better part of town?  Thanks in advance for the responses! 

[Matt M.]

Is it worth putting some $$ into and selling for a higher price? There is some stuff in the mid to high $200s in that neighborhood. Depending on condition and where the home is at with MAJOR repairs, I'd probably hold onto it. If things are getting old, etc, then I'd look into trading up. Just don't go to high as it makes it a bit more difficult to cash flow. 

You are planning a 1031 exchange, correct? If so, I have a great guy to help facilitate if you need it.