To keep OR to sell .... That is the question

[Michael Nerby]

Hello,

Looking for analytical advice on how to calculate whether or not to keep a project. How do I figure out definitively if keeping a property is the best use of equity? Which key metrics should I be savy on calculating in order to make this determination? 

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Basics: 

Purchase: 405,000

Construction: 320,000

Soft Costs: 25,000

ARV: 1,200,000

Gross Annual Income: 86,640

Estimated expenses: Tax 8,000 Insurance 1,800 Maintenance 4,332 Management 4,332 Utilities 4,800 Reserves 4,332

Annual Expenses: 27,596

NOI: 59,044

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Is it better to keep this project and takes the profits now or better to cash out refinance and keep larger portion of the equity in the project? 

Your help is greatly appreciated. Thank you