Need some opinions please (newbie)

[Michaael Carpenter]

I paid $28,000 cash for a foreclosed property two weeks ago. The renovation is going well and our total material cost for renovation is going to be about $22,000. Making the purchase + renovation total +/- $50,000 (all cash).

Side Note: I own a construction company that is my primary business. Our crews were slow and this deal came up so I purchased the house to keep everyone busy for a few down weeks. Total real labor spent (although I would have been paying my employees anyway is about $10,000. This brings the real total to about $60,000.

Option 1: I'm pretty sure that I could flip the property for about $70,000 FSBO and profit about $6,000 after closing costs. Not a great deal, but this project will have served its purpose. $6,000 for one months work in a lower priced area.

Option 2: I could rent the property for $625 in a very good rental market and hold the property long term. The market is great for getting renters but it is located in central KS where the rent price and housing prices are very conservative (cheap).

Option 3: I could do a cash-out refi of $50,000 for 15 yrs at about 3.625% and continue to rent the property at $625. This option allows me to recoup most of my cash and use the equity as my down payment. Having the cash is not a big deal to me because I do have steady income from my construction business, but would allow me to pay cash for other properties that come for sale and then do the same process of renovate, refi, rent...

Thoughts please...