Is this propery a dog?

[Christina Z.]

Hi. I am trying to determine if I should sell this property and purchase a multi unit- so what would you do?

I purchased this property in late 2005 and weathered the recession living in it. I was one of those people that had a pulse and they gave me a home for a notorious mortgage that split into an 80/20. I have been renting it out for a few years and refinanced 3 yrs ago for lower interest rate of about 4.2% and to pay it off quicker by shortening the life of the loan.

This is a single family home located in SE Aurora (outside of Denver). 4 Bdrm/3bath. I now have approx. $200k in equity. The home is 15 years old (built 2005).

I have 12 years remaining to pay this off. The rent covers the mortgage and some of the insurance. The issue is that with each year, costs go up (insurance/HOA/repairs) and I can't ever seem to make any money from it even if I increase the rent. Right now it costs me about $4,000 per year to keep and it has not appreciated as much as properties in Denver because there continue to be new builds in the area and so there are options for buyers.

Should I sell and invest in another state? Thinking Washington state.

Thanks!