What would you do? What is the best course of action?

[Jason Muenchow]

Hello everyone. Thank you for taking the time to read my post. I've got a question regarding a triplex I own and would appreciate suggestions on what I should do with the property. Here are the basics in regards to the situation I'm facing. 

The triplex was my first ever real estate purchase. The property was purchased in Dec/2015 for 270k. I used an FHA loan with 3.5 percent down (3.75% interest rate). The property required about 15k in repairs with me doing the majority of the work. The property was built in 1977 and is in overall decent condition for the age. Roof has about 8 years of life left according to the inspector (when I purchased the triplex). The property has had all three units rented out since I purchased the property (I lived in one unit for a year and rented it out as soon as I moved out). Current rents -

Unit A - 1250/month - 3 bed/2.5 bath 1350 square foot

Unit B - 825/month 2 bed/1.5 bath 1000 square foot

Unit C - 1150/month 3 bed/2.5 bath 1350 square foot

Tenants pay all utilities and no HOA

Unit A and C are identical layouts. Unit A is the unit I lived in and is the newest tenant. Unit C and B are tenants I inherited when I purchased the property. They both initially had very low rents 700 - B / 999 / C. Im raising them gently, but I plan to get C up to 1250 next lease and unit B up to around 900 next lease. 

When I put unit A on the market to rent it out, I received tons of calls and rented it out within a few days. The property is in a mostly residential neighborhood in Clearwater, FL. I almost regretted not trying to get more than 1250, but I got a good tenant soooo im ok with it.

So that is the basic...Im trying to figure out WHAT my options are and which I should pick. I don't feel I'm a newbie in the area but I'm for sure not a seasoned pro. My wife and I live 1 hour south of the property in a 4 plex we just purchased in Bradenton, Florida. So the drive to this property is factoring into the equation for me as well. The property is bringing in a decent cash flow for what I put into it...However I figure I can sell this property for 375k give or take 25k in the current market. 

Option 1 - Should I keep the property and just be content with how the property is producing?

Option 2 - Sell the property and use the money to purchase another FHA property with 3.5 percent down and use the remaining money to buy 1 or 2 more ADDITIONAL properties. Turning 1 property into 2 or 3 (added bonus is I could get them closer to where I currently live)?

Option 3 - ?????

Any input or suggestions on the best course of action would be greatly appreciated. I should mention I manage the property myself and really enjoy doing it. My overall goal is to get more units. If I'm missing any crucial information on here that would help you draw any conclusions, just let me know. Ill do my best to respond quickly. Thanks again.

Jason