When does it make sense to sell your rental?

[Allende Hernandez]

Good evening folks,

I've been wondering around this lately and decided to come to where the expert live.

I have a rental property that used to be my primary home until a year ago(Miami, FL). We bought it in 2010 and  priced has doubled since.

Last year we bought a new house and decided to keep the previous one as a rental, I had a 15Y loan and refinanced it to 30Y to maximize cash flow. At present time, spread is aprox $1,500/mo (just rent-PITI to simplify things). It will shrink some as I already know insurance will increase quite a bit at renewal.

Prices in the area have gone up and talking to a couple of agents I learned that houses are closing about 10% above appraisal, which makes me wonder where is the "line" where selling outright makes more sense than holding on to it?

I understand that a solid plan for the profits of the sale plays a factor in the decision but I want to keep the question single-threaded for now.

Any pointers?

Thanks in advance!