What next when I move away from where I currently have property?

[Frank G.]

Hello BP community, I'm panning a move away from the area where I currently have invested and I am trying to figure out what to do with my rental property that I have had for about 6 years now. The questions I am struggling to answer are: should I sell the property, contract a property manager, or continue to manage without? Should I try for a cash out refinance or leave as is?

Realtor recommended I hold onto it as long a possible if I can as the area is appreciating well, but not sure if I can/should since I think the numbers are pretty tight as far as handling the addition of management fees and and future potential reductions in rent.

I would use the cash out for improvements needed to the property and investing in new opertunities.

I have included some additional details on my specific situation and would love your thoughts or anything I may be missing.

Property type: single family townhouse

Current valuation from realtor: $270,000

Mortgage Ballance: $172,000

Current Interest rate: 4.75%

Current P&I: $1020.00 / mo

Escrow payment: $308.00/mo

HOA: $59.00/mo

Rent: $1750.00/mo

Cash out refinance Estimate:

New mortgage: $202,500.00

Interest Rate: 4.624

New P&I: $1041.00

Fees/costs for new loan: $2,300.00

Estimated cash out: $28,000.00

Thanks again!