Broward / Coral Springs SFH - Continue to lease our OR Sell?

[Shahid Iqbal]

Hello,

Can I get experts advice in my situation below?

1. Purchased SFH for personal living in 2005; bubble burst; went through hardship / loan modification and currently on 40 year; 2% for 5 year (3 years into mod); 3% for 6th; 4% for 7th; and 4.375 for remaining period. Also getting $1000 credit for next two years as part of mod. Also about 30k is non interest bearing loan.

2. In 2014, had to move out of state due to job change; and leased out property with positive cash flow of $250 per month; and about $500 going in principal due to low interest rate. Property is still about 50 to 60k less than my purchase price; but not under water anymore if I have to sell it now.

3. House condition: NEEDS new roof at minimum; and to get good sale price, need to change floor / carpets; and touch baths.

4. HOA has recently introduced rules to discourage rentals; e.g. need application for occupancy, 3000$ deposit, background/employment check, and interview of tenants. .... :-(       I'm hopeful, however, that I will still be able to rent it out as area  / location is good. 

5. My 3 year tenant is moving out now; and now, while out of state, I'm considering should I do minimum repairs; and continue to look out for next tenant or sell the property and move on? 

Now I'm debating....

A: should I be leasing out; and let property further appreciate and build equity while property has low interest rate; e.g. at least for next 3 years and put more savings into payments when possible to build equity. 

B: Try to sell it now and just move on?

So Pros, can you please guide me on this ? If it will be you, what you will do and why?

Many thanks.