Should I keep or sell this rental

[Erick T.]

Hello,

I have a few rentals but like most investors, my first one did not go as planned. I dumped to much money in it and now I face a dilemma: 1. Should I cash out; 2. not cash out; 3. Just sell the house.

Please feel free to share your opinions: 

Here are the numbers:

Purchase price $102,500

Down payment: $27,215.29

Rehab costs: $27,845.63

Now I need to paint the exterior of the house to increase the resell/appraisal value. It has chipped paint. It was built in 1930. Thats an extra $6600

That puts the total rehab cost at $ 34445,63

Total money invested: $61,660.92

Rent is $1300

Cash flow is $300 per month.

CoC is a pathetic 5.83%

Now I estimate that this house could appraise for $150,000 and I could actually sell it for more, maybe $160,000

But in order to cash flow $200 per month, I only want to refinance it at about $97,000 which would decrease my Coc return to the low 5%. 

This is the first investment property that I bought and I learned from it and did much better afterwards, but I kind of want to retrieve the $61660 that I dumped on it. 

What would you do in my shoes? Thanks