Continue renting or sell?

[Alex Johnson]

Hi! 

I'm brand new to this forum, and also not very educated on rentals. My wife and I are accidental landlord of about 3 years. (when we moved out of our townhouse to buy a bigger place, the association was under litigation, which made renting much easier than selling at the time. Three years have past, and the litigation is a non-issue. Also, our current renters are leaving 5/1/17. 

Here are the details:

townhome in a suburb of St. Paul, MN, built in 2003

15 yr loan at 3.75%...11 years remaining

Monthly Mort Payment: $1000, with $570 being principal and $430 interest plus insurance.

Monthly Assoc dues: $265

Monthly Rental Income: $1400 currently, though if we rent again, we may be able to get like $1500.

Current Outstanding Principal is $81,000

Realtor we met with anticipates a sale price of about $155,000, but they would charge 6.5% plus $500. Seems high to me, but not sure.

All else constant, we would just assume not be landlords at this time, as we have 3 small children and aren't super passionate about it. However, if the math says rent, I would listen.

Thanks for any input! This site seems amazing!

Alex

Admins, please move if this is in the wrong place. I'm brand new and just trying my best!