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Updated over 6 years ago,
$1000 cash flow per month SD should I keep
I have a duplex in a very popular place in San Diego, CA. I make $1000 over the mortgage and cash flow $800. I’m getting stationed in Florida and would lose a significant amount of cash flow if I had both properties being managed professionally. Purchase price was $726,000, I put $65,000 down, with 3.25% for 30 year mortgage. Current principle is $663,000. I could sell and make approx $200,000 and pay no capital gains tax since I lived in one of the units as my primary residence for 3 years. Or I could hold and keep cash flowing but at a much lower return and then hold the property for another 10/15 years then sell but have to 1031 exchange or pay a huge cap gains.
Any suggestions on sell now or hold long term?