Should i sell this house or not

[Jordan Johnson]

So my wife and i have always wanted to be in rental real estate so we decided to buy a house since a mortgage was cheaper than pay monthly rents. we decided to buy a property that we felt would make a great rental based on the location and numbers... so we bought in town of the school i grew up in..Weve owned the property 7 yrs this past Dec. Its a 1420sqft house 3/1, 2 blocks away from the school, with a complete "extra space" upstairs room that is neither a BR or living space due to no heat/air.. we owe 75000 on mortgage but the hosues recently sold in town (very few) are going for between $125/$145 a sqft. We paid about $63sqft when we bought.. my question is, should we sell? I have a eye on a property thats bigger (we now have kids), that has been vacant for no less than 8 years. The seller, a older lady, seems to have no care of doing anything with it and i see a possible opportunity of a cash buy (with proceeds from our personal home sale). I think its realistic that i could pay cash, and renovate the property with all the proceeds of our personal home sale... and would then plan to refi and pull our initial cash back out... leaving us with pretty much the same mortgage payment we currently pay.. but for a larger property, worth more, and still have cash from the sale of our orginal house.... i would love to know everyones thoughts on the idea.. as well as thoughts of if you would sell the house given the increase in price per sqft from when we purchase it... ps since the purchase of our house, the kitchen has been redone with quartz counter tops and tile backsplash if that changes anything. Thank you so much for your input and advice!