No Cash Flow in Riverview,FL

[Mark Schwab]

I posted this earlier in the local Florida forum but I wanted to get a wider audience. I have a rental home in Riverview,Fl that I have owned for 14 years. It is not cash flowing as I have an adjustable rate loan which is now up to 5.75%.I can't decide whether to just sell the home and find something with better cash flow, or refinance to stabilize the payment. If I refinance, I think I can generate about $350/month in cash flow, but it will cost me about $5K. If I sell and do a 1031 exchange, I should have about $50K to work with. Any thoughts? Also, the downside to refinancing is resetting the clock to 30 years and not getting the principal reduction I am currently getting. Frankly, I would prefer the cash flow.