Memphis High End Property (Collierville)...WWYD?

[Cj Powderhorn]

Hi,

I'd love to hear any suggestions or ideas for my situation...TIA

I own a large home (4000 sq ft, 5 bed, 3.5 bath, nice pool and waterfall). Homes in my subdivision are selling for about $470-$500K.

I’ve had tenants in the home for 4 years. They would like to extend for 5 more years. Great tenants, always pay on time, professionally managed.

I am having trouble finding comparable rents. They have been at the same rent that I have been charging since 2015. I need to raise their rent. Currently, they pay $2400.

Eventually, I would like to sell the home and I thought the tenants might rent to own but that isn’t going to work.
I’m trying to decide what rent to charge and also if I should try to sell with a long term lease in place? It was built in 1997 so I think things are going to need some major repairs in the next few years. Also, I could do a lot more with the money I can get if I sell the home.