Denver Sale - looking for advice

[Lynn Fletcher]

Hi all - I own a 3/1 SFR in Denver free and clear. It currently generates $1350 in gross rental income. Current market value is approx 350k or more. It is under 900 sq ft and needs work, but I can easily sell it now as-is. Seems like a good time to sell but not a great time to buy.

I could also do a seller-carry to the tenants (they've been there for 10 years and most likely won't be able to qualify for a conventional loan)....

I'm 49 years old and want to put together a 10-12 year plan to generate as much passive income as possible (I'd be really happy if I could reach 8k/month net - is that totally unrealistic?) I've been thinking of doing a 1031 exchange into 1-2 new properties.  I am more interested in future appreciation than current cashflow.

Seasoned investors, what would you do if you were me?  Look at Colorado markets?  Look at out of state markets?  Buy one solid property in Colorado or a few out of state?

Would love to know your thoughts.  Thank you!