When to sell.

[N.A. N.A.]

I am curious as we have bought a 40 unit complex within the last couple years, and I am curious what you guys would do in my situation.

It is a late 70's setup of 12/4 plexes. In a regional town that is completely blue collar and isn't very exciting. Just a normal town of 15k people that just chugs along with industry and agricultural jobs.

We bought this setup for 1.25m with a NOI of roughly 110k. We have spent good sums redoing water heating/plumbing/etc... Upgrading units, sprucing up the area and pumping up rents to an acceptable level to be paired with comps nearby.

We now have an NOI of roughly 135k. This should continue to climb as we churn more remodels and continue to upgrade the units hopefully to the 155k area by the time we need to refi.

It is for all rhyme and reason not a 'pretty' development. It is just a regular B- property in a town full of B, C, D properties. The fact that it has wood foundations worries me a little for holding it for years and years(despite inspections/audits looking closely at them and finding no issues)... Although, if they will be good for the next 20 years... I am not against holding it. I just am leaning towards rolling out and upgrading to a 'nicer' more long term building. The downside with that is, even if we pull out at a significant profit... The prospect of flowing into a nicer/lower cap building also loses appeal as I am getting used to the monstrous cash-flow for invested equity..

I apologize for the rambling question, but just something I have beat around in my head a bit and am curious for responses.