ROI vs. ROE - When to re-evaluate a rental property?

[Jason Krawitz]

Let me paint a fictitious story for you to illustrate what I'm trying to ask.

10 years ago, I buy a property for 80k cash that rents for 1200/month. I'm happy with this ROI as I'm earning 1.5% of my investment each month in rent revenue. After expenses, I'm earning an annual ROI of 10%.

Today, that same property is worth 300k and rents for 1500/month. I'm still happy with my ROI which is now 12% net but my ROE stinks. I'm only making 5% annual ROE in rent revenue.

At what point does a buy a hold investor re-evaluate and which calculation holds more weight for you? ROI based on initial investment or ROE based on current market values?