Sell Now or Continue Rent -- Seattle Metro

[Gene Bor]

I have a townhouse in Seattle metro which I bought in 2006. Bought it with 20% downpayment for 250K. It was my primary residence and then a rental property since 2014.  Since that time it's tremendously appreciated in its value and now I am thinking if I should sell it or continue renting it out perhaps for another year or so. The mortgage including the property taxes and insurance is approximately $1250 now but it's 30/5ARM so the rate will change in six months.  The cash flow is about $500/month. 

Ideally I would like to invest for a good cash flow but I don't see any deals in Seattle market. Also, I can pull an equity and reinvest but not sure it will be the right move. Thank you for your input.