Fixing current rental or selling?

[Will Mejia]

I own a 2 flat brick building in Chicago. Over the years some brick cracks and other outside work has accumulated. Some concrete areas around the building need to  be fixed. I would guesstimate 20-40k in repairs.  I have about 5 more years before building is completely paid off.
In these situations I wonder if its better to just sell the building soon or repair. But my thoughts are will the hassle, time, money, spent on repairing give me any actual "gain" in the end? Or I could just sell it as is and save myself the trouble.

Why sell the property? I honestly find landlording very boring and after many years its not fun.
I also have thought of reparing it and then handing it off to a PM company and holding it for longer but dont know if it will be worth it.

[Account Closed]

Quote from @Will Mejia:

I own a 2 flat brick building in Chicago. Over the years some brick cracks and other outside work has accumulated. Some concrete areas around the building need to  be fixed. I would guesstimate 20-40k in repairs.  I have about 5 more years before building is completely paid off.
In these situations I wonder if its better to just sell the building soon or repair. But my thoughts are will the hassle, time, money, spent on repairing give me any actual "gain" in the end? Or I could just sell it as is and save myself the trouble.

Why sell the property? I honestly find landlording very boring and after many years its not fun.
I also have thought of reparing it and then handing it off to a PM company and holding it for longer but dont know if it will be worth it.

In this situation, it ultimately depends on your long-term financial goals and personal preferences.

If you are not enjoying landlording and find it to be a hassle, selling the property as is may be the right choice for you. By selling the property now, you can avoid the time, money, and effort required to make repairs and potentially deal with ongoing property management responsibilities.

On the other hand, if you are willing to invest in the repairs and potentially hand off the property to a property management company, you may be able to increase the value of the building and generate higher rental income in the long run. This could result in a better return on investment over time, especially if property values in the area are expected to increase.

Ultimately, it's important to weigh the potential costs and benefits of repairing the property versus selling it in its current condition. Consider consulting with a real estate professional or financial advisor to help make an informed decision based on your individual circumstances and goals.