Sell vs Keep Investor Advice or Insights

[Scott Garrels]

Hello BP family,

I am hoping to get a little advise or insight from some more experienced investors if possible.

I currently have a SFR located in Iowa which just became unoccupied. It needs about $20K (mainly painting or siding the exterior) to bring to a market-ready place for selling it. This would put it around $120-140K in ARV based on comps within the last 30 days.

Current market rental rates for this property are in the range of $1100-1300 per month.

Gross expenses are currently at~$850/ month, including debt, insurance, taxes @ 4.75% rate.  No utility costs.

My question is would it be better to sell the property As-Is with no investment into a rehab, Rehab then sell, OR keep as a rental and tap into potential equity?  What factors am I missing from the assessment described here?

I appreciate any insight or ideas you can share.  Thank you in advance.

Scott

[Darson Grantham]

@Scott Garrels, this is a VERY personal question.  My questions in order to REALLY help would be as follows:

1. How much time do you spend managing the property as a rental?  Is it pretty passive or a stressor in your life.  A good way to think about this is... how many times a week/month do you "think" about it?

2. If you keep it as a rental, does it REALLY need 20K of work or can you get by with less to get the next tenant in there?

3. If you decide to resell it, I think a simple cleanout, MAYBE flooring, and a full coat of paint will get you the best ROI in this market.

4. Most importantly, what will you do with the cash if you sell it to get a better return?

Best of luck bud!