Should I sell my investment condo?

[Matt Wass]

Hello, my wife and I currently own a condo in market that has appreciated significantly since it was purchased.  It was purchased for $380k in 2010 and has a current estimated value of over $600k.  The rent from current tenants covers mortgage payments plus fees on the apartment with a profit, however overtime, taxes and HOAs could overtake the current profits in several years.  This year is the last year we can sell without paying capital gains given we also used to live there.  So the question we are looking for guidance is, do we sell now or do we hold and raise rent in the future but potentially take the capital gains hit when we sell?  Below are full details:

Purchase price: $380k

Mortgage balance: $230k (11.5 years remaining)

Est. Sale Price: $625k

Monthly Rent: $2700

Monthly costs: $2,300

Thanks very much!