Please evaluate my recent purchase/renovation

[Bill F.]

Hello Everyone, My wife and I, about a year ago decided to purchase her grandmother's house from her father after her grandmother's passing. The property is a 3bd/1ba 1100 sq. ft. row house in Philadelphia. He offered us the property for 60k with a 10 year payback. We spent the past year completely renovating the house. We spent approximately $45k in rehab costs. My best estimated guess is that the property is now worth about 130-140k. I would like to move out of this house in about 4-5 years and turn it into a rental. The taxes and insurance is about $2,400 per year. I currently own a condo in West Chester, PA that has been a rental since July 2013 and is cash flow neutral at this point. I need to refinance to lower mortgage rate. What would be a good strategy or best way to leverage this property when I turn it into rental to further expand my real estate portfolio?? Thanks, Bill