First rental keep or sell

[Luke Reninger]

My first rental was an accident. Bad market and I couldn’t sell without losing a ton. But the rental market is strong (military base). So keep or sell.

115000 purchase with 0 down

780 mortgage, Ins, etc.

Rents for 1150. 

1050 after property manager take. 

Vacancy is never longer than 2 weeks and usually get 2-3 years minimum out of tenants. 

So with cap ex, vacancy and maintenance. I am really breaking even long term. 

Appreciation is low for Lawton OK. So really it’s just 275 dollars a month of principal pay down. 

I’m wondering if I’m making a mistake keeping it long term. The apr is low and I’m not really doing anything time  wise and I can’t get another loan. So I’m thinking keep it and hope it appreciates but otherwise at least it is getting paid down. 

Thoughts?