Hello everyone this is my first post so hopefully I am using this correctly. I appreciate in advance to anyone willing to leave me comments or thoughts.

I should start out by stating my real estate goals are now to invest in SFH or multifamily rentals for more of a long term investment with some return no less than 9-10% . Not very aggressive but get a decent portfolio working for me. So part of this process is to look at property I already own and evaluate if I should sell or hold. If I sell I can use that money for a better investment that may have a bigger return. Which leads me to my question.

I own a small one bedroom 800sf condo in downtown Milwaukee. It was my primary residence for a period of time but have rented it out and lived in various other locations before relocating out of state. The property is rented out fully furnished and rents for 2100 - 2195 per month. I have never had any issues renting it and have no property manager fees and very little maintenance. I have owned the property since 2007 and refinanced in 2011 to rid PMI and switch to a 15 year. The property will be paid off in 2026 I still owe 114K on a 172K loan. The value with the current market is around 250K today if I sell. My issue is with with the loan + Condo fees + Taxes the property currently is a wash and little to no cash flow until paid off.

Summary:

Condo value = 250K

Loan = 172K

Remaining balance = 114K (3.4% - 15Year) payment 1222

Condo Fee = 330

Taxes = 500

Combined monthly cost (All) = 2100

Rent = 2100

Options???:

1.) Sell and use money for other investments

2.) Hold until paid off (Easy to Rent little maintenance)

3.) Refinance or other option to create more cash flow and ROI?

Thank for you help and please feel free to ask more questions if I did not include everything.

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Need Advise - Should I Sell my Condo in Downtown Milwaukee?

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