Advice needed - to sell or not

[Linda McDavid]

I own a short term rental in the low country coastal area of SC. I had purchased it in 2019 and started renting it out May of 2020. This a condo unit .5 miles from the beach.  I paid cash for it and I am contemplating whether or not I should sell and reinvest. 

The regime fees are high and the special assessments have increased as well as the insurances. 2023 I pretty much have broke even with my ROI. If I sell, I am pretty confident the value has doubled. (According to other units that have sold through the year) The 1985 building will be getting remodled soon and we do like using the property. (well, work most of the time) I am unsure of what to do. If anyone has advice about condo STR's especially in the Carolinas, I would appreciate it! Thank you!

[Theresa Harris]

If you are barely breaking even, the value has doubled, they keep having special assessments and they are doing remodeling soon, I'd sell.  

I didn't have a short term rental, but a long term one.  I'd had it for a while and while I was making money, they kept increasing condo fees and having special assessments.  Price had more than doubled over the years and I found out they were doing massive renos (millions of dollars).  I sold it and bought two new properties and am so glad I did.  Renos took forever and each owner was paying almost double the fees to pay back the loan.

They should be budgeting properly for upcoming renos such that you don't need repeated special assessments.  Money should be set aside from the regular monthly fees.