When to sell an older property?

[Aleksandr Spencer]

Hello,

What would you do? I have an investment property in DC in a, still, up-an-coming area near a University and metro. The house has nearly doubled in price. I bought it for $415k at a 3.5 rate. Currently owe $325k. The property cash flows about $500 a month, after CAPX and expenses.

Lease ended today and the house needs about $15k of work to get it ready for the next tenants. However, the house is very old, built in 1920’s (I think), but was renovated in 2006. It’s just a matter of time before I would need to completely renovate it.

The house is well located, the city continues to expand and there is always government employees and students for tenants. I’m pretty sure it will continue to appreciate. What to do?! Any DC investors have some thoughts?

Any input is much appreciated.!