To rent or sell in Virginia

[Dustin Smith]

Newbie looking for advice. Bought a cheap home 2bd 1ba in Petersburg, VA for 25k a couple years ago. Had a problem tenant throughout covid and just now got him out. Debating on whether or not to sell the home or put money in to repair and re-rent. In order to rent out now I'm looking at about 5k in repairs. Mortgage is less than 300 and should rent for 8-850 if i move forward with the repairs. On the other hand, real estate agent thinks I could sell in current condition for 50k. So attempt to sell and roll any profit into a new property through a 1031 or fix up and re-rent?

[Brandon Spurlock]

@Dustin Smith I've got a rental in Hopewell, and connected to a few in Petersburg. The houses are appraising (even in Petersburg) like crazy right now. It could be a good time to sell. Then again, your cash flow is nice, so holding could still be a great option. What are you using for property management? I'd highly recommend Apartments.com (formerly Cozy) for your tenant screening and applications. It has really helped me to steer away from difficult tenants.

Well, just read your last post more closely and saw that you've already listed it. I'll leave the above info in case it benefits someone else.