Sarasota FL: Buy/Hold or Sell

[William C.]

Long-time follower of the forum (and Podcast listener). First time poster on here. I would like to present my personal situation and get some opinions on how people would proceed (also why). See below and thank you in advance.

Current Holding: Single-family home in Sarasota, Florida that was purchased brand new in 2017. It has rented out successfully with good tenants for the past 3 years. It is managed by a property management company, as I am located a few time zones away. The home was purchased for $315k. 20% down. Interest rate of 4.125%. Altogether mortgage is around $1600. The current tenants pay $2150 for rent. The margins are narrow, but generally the property cash-flows positively (a major repair would obviously change this fact).

Some Scenarios I've Considered (I know I'm missing plenty):

Keep the current tenants. Renew for another year. Continue being a landlord (via the prop. mgmt company). Play the risk game of a major repair (newer house). Continue gaining equity in the home (we all hope). Possibly refinance to get the mortgage amount reduced (not sure how much better our rate would get from 4.125% being that it is an investment property).

Sell. Ballpark sales would be in the $360k range. Net would be around $70k. We could 1031 into a different property that is closer to home. One we could manage ourselves. But we happen to live in a market where cash-flowing properties are few (Oregon).

Very interested to hear what people have to say and to learn! Once again, here to answer any additional questions. Thank you!