Should I BRRRR or Sell?

[Michael Doherty]

Hi all,

I purchased a property a month ago with the intent to BRRRR. The renovations are almost complete and the numbers point to a higher arv than I intended (good problem to have). My long term goal is buy and hold but I have come to a point where maybe it makes sense to sell and use the money to fund something bigger. Would like your input. The numbers:

Purchase Price: $118.5k Hard Money 

Rehab: 30k

ARV: 218k

Down payment: 10% of purchase and 10% of rehab

Total Invested funds w/ closing: 24k

Holding costs: 1700

Hard Money payoff: 134k

REFI Option:

75% cash out refi of 220k= 165k loan, 30 yr fixed @ 6% and 2pts

PITI: $1500

Gross Rental Income: $2600

Monthly Cash flow after expenses: 750

If I decide to sell I will need to spend 5800 to paint the exterior but based on comps I could confidently sell for 220-230k. Total Potential profit is 86k before taxes, fees, closing costs. 

Perhaps this is a no brainier to some, maybe I am missing something? Again, long term goal is buy and hold but when faced with a decent profit, maybe the prudent decision is to sell and buy a larger Multi? Thanks for the help.