When is it time to sell a rental property?

[Spencer S.]

I have rental unit (condo) that I've owned for about 15 years. It has been constantly rented since I purchased it. I have no mortgage on the property and it generates about a $6k surplus each year.

When my current tenant moves out, I'll have to re-carpet and re-paint, maybe renovate kitchen.

My question is, since all the appliances are original (and still in good working order), when this tenant moves out and I do my renovations (mentioned above) should I sell it before some of the expensive things start breaking down (a new heat pump will run me about $6,000) or re-rent it?

Thank you!