Would you sell or re-finance this SFR?

[Steven Gillmer]

Hello all! I have an SFR in Memphis that I purchased a couple of years ago for $60k (Original contract was for $70k but inspection revealed a need for a new roof so I asked for $10k off). I financed with 25% down on a 15 year note which has resulted in a nice paydown of the loan of $10k. So, the value of the house is currently $75k - $80k, probably closer to $80k since I have a long term tenant paying $925/mo and a brand new sparkly roof installed last week.

The expenses have been higher than I would like and the cash flow has been more of a break even, leaving me only appreciation and loan paydown as my "profit".  If I refi, I can pull out about $15k and I would flip to a 30 year, making my payment about the same, if not a few bucks lower.  If I sell, I probably walk away with around $30k, very little of which will be taxable after adding $7,500 for the roof and the closing costs of the sale.

With this scenario, what would you do?  Take the $30k and find something with better cash flow or pull out the $15k and hope that you have repaired just about everything that could be repaired at this juncture?

Any thoughts would be appreciated.