should I convert FHA to another Rental or cut property loose?

[Michael W.]

OK Everyone I'm in a little bit of a conundrum and I think personal feeling may be outweighing the business side so I need some help from a outside opinion

I have 4 rental properties all showing a good return in less than ten years they will be payed off and showing much better,

the wife and I are tinkering with the idea of moving out of state, and we have a great property manager available that would be extremely cost effective. we currently use him-on one property to " try him out "

We currently have a FHA loan on a 30 year 27 left 3.5%

currently payout 950a month that includes taxes and insurance and a pmi that will falloff in two years lowering the note but about 150.

although once we don't live there we will loose homeowners exemption thous increasing the note by roughly what the pmi drops.

insurance will however be lower because we would drop it to the commercial policy that we have the other rentals in instead of a personal dwelling policy.

its in a b- area up the street from the high school and 1 block from the historic district.

two bedroom duplex's next door get $750 a month.

rent in that area isn't extremely high so I am figuring a rent of $1250 after property management fees thus netting a 300 return before any repairs. 

recently upgraded the inside so hopefully that wouldn't be a issue for a few years but you never know.

my question is would it be worth keeping? its profit.. but a small one for 30 years barring any huge issues.

I am somewhat of the mindset of if we have to have a property manager anyway why not keep it? but i also don't like the idea of a 30year note but I realize that there would be NO profit if I refinance to a shorter length note.

we have lived there for over ten years and it was our first home,so I don't know if that is personal feelings overwhelming business seance