Should I sell my rental property?

[Brett Van Leeuwen]

Hi BP! Would like the advice of the collective BP mind! I have a single family (1925 built) rental property in Bellingham, WA I purchased for 190K in 2009. Lived in it for 6 years. It had an unfinished basement that I remodeled, leaning mostly on sweat equity. I am currently renting out the top portion (2 stories, 3bed/1ba--1400sqft) for $1350, and the basement (1bed/1ba--500sqft) for $650. Tenants pay all bills. I refinanced to a 15yr loan in 2011 at 3.0% interest rate. My monthly mortgage payment is $1480/mo. I've got 10 years left on that loan. I'm having $950 going towards principal every month, along with cash flowing $500/mo. I've got $140,000 left on the principal and it appraised for $300,000 year and a half ago. The local market here has gone up 10% over the past 12 months. Is now the right time to sell? Initially, I liked the idea of keeping this house forever, and it'd be paid off a year before my first kid hits college--easing the pain of the college's financial burden. I've read around that having a lot of equity just sitting in a rental isn't doing much for you. Should I sell now? Keep renting it out? Other options? Thanks in advance for your input! Brett

[Brandon L.]

@Brett Van Leeuwen we are not at the top of the market in my opinion, so I would keep it for at least 3-5 more years.