Continue to rent of sell it

[Alf Holst]

Got a property that will become vacant at the end of August.

Property was bought with a conventional loan at $115k. Quick Zillow estimates it has appreciated between $147k - $176k. Current mortgage owed is $76k. Monthly mortgage is $787, current rent is $1200, but can move to $1300, possibly.

My wife is currently unemployed due to Covid. And does not receive any government checks. I was told that my income will be cut, up to 15% by the end of September.

Would you:

A) hold on to the property and continue to rent at $1200-1300 range?

B) sell it to get liquid cash around a minimum of $39k to help supplement our loss of income for the rest of the year

C) cash out refinance and continue to rent

D) a better option that I haven’t thought of

We are having a bit of trouble trying to decide what’s best for us.