Just wondering what you all think... Sale now or sale later?

[Shanell Law]

Hello Everyone, I'm new to this forum and this far I am very excited about what I have learned. Here's the deal: I purchased a condo in 2008 (Foreclosure) for $135k FHA 3.5% down and owner occupied. The property originally sold for over $300k in 2006. I had no plans of renting it out... As life has it and with work I had to relocate. I lived in the resident for 5 years and for the past 3+ years I have rented to a very good/clean tenant. I completed a non-owner occupied refi nearly 2 years ago and the loan is as follows to lower the payment. The loan is now the following: Interest: 3.50% Loan balance: $118k HOA: $300 Principal, Interest, Mortgage Insurance: $960 Insurance: $44 Rental income: $1451 I walk away with approximately $146 a month... I simply hold on to this small amount incase it's needed to pay the $75 co-pay if and when I need to tap into insurance for repairs. I must say that out of the 3+ years the same tenant has remained in the property and I have only incurred the $75 insurance expense maybe 3-4 times. So here are my questions: #1: properties in the gated community are sold for $175,000 last summer (no recent comparables) should I sell it or sit on it? #2: what's the likelihood the value will reach $300k in Perris, CA (inland empire) again #3: is it wise to pay down with $10k to make to remove the MI, lessening the monthly payment amount. I welcome all feedback. Thank you in advance.

[Shane Stieben]

what's your plan if you sell it ? Id keep it equity starts building fast at the 12yr mark. The. You can pull out a heloc at a 70% ltv and use it like line of credit o fund other projects at a very cheap interest rate while still getting cash flow and while still building equity