Rent or Sell to Reinvest?

[Hae Sun Yi]

I've been being a landlord for a year since I kept my previous house as a rental property when I moved to a new house down the street in the same city. The house I rented out is a 3 bedrooms townhouse, and I have lived there for 14 years and paid it off so I don't have a mortgage on that property. The current value of our home is approximately $250,000. There is an HOA fee of $318.00 per month, and the property tax is approximately $4800.00/year. The current rent is $1850/month. Since I don't owe any money for this property, it created $14,000 net income over the year.

The property appreciation over the 14 years is pretty much same as the time I bought in 2004 because I bought it for $235,500 in 2004.

I've seen many discussions regarding calculating a cash flow for an investment property comparing monthly mortgage to a montly rent, however, in case you paid off the property and in case it creates $14,000 net income/year,  is this a good investment for a 250K property? Your advice would be appreciated! Thanks!