Refinance or Sell

[James M.]

As an "accidental landlord" from a home I purchased in 2005 and started in renting in 2011, I've been carrying a negative cash flow property for five years. It was my "starter home" and is now one of three rentals, with the others profiting an average of $350 per month (after expenses).

So now, with home appreciation back to 80/20 LTV, I have the opportunity to refinance the property. On a new 30-year loan, with a relatively decent interest rate, after expenses, I will profit about $15 per month. I'm still thinking about selling and being totally done with it, but I am wondering if there is some advantage I need to better consider.

In a perfect world, the property will continue to appreciate. I could eventually cut out my property manager, and gain about $100 more cash flow per month, but I am not at that point now. 

Any reasons I should choose to refinance instead of sell? Thanks!