Long Term Rental - Would you keep it?

[Colin Smith]

I am trying to decide whether or not I should keep a single family home or sell it and am looking for advice. Here is the background story.

I bought this house as my first home borrowing the down payment from my parents at 3% and I only paid the closing costs. It was both a live-in-flip and house hacking home. Since then I have bought a new house, another live-in-flip, with my new wife, but we will not be house hacking this one. In order to do this, we used a line of credit on my old house to buy the new one with the intention to sell the old one, however, I am now reconsidering, even though it wouldn't meet the 1% rule and won't cash flow. Here are the current numbers:

Original Purchase Price: $156,000

Current Value: $225,000

1st Mortgage Lien: $116,000

Line of Credit Lien: $60,000

Parents Lien: $15,000

Rent: $1,400 / Month

If I sell it, I could pay off all the liens and my student loan ($15,000) and we would be debt free less our current primary mortgage... something to consider as I would like to be purchasing another flip in the next few months which may help boost my credit ability. Or I Refinance the current 1st and line of credit:

New 1st Mortgage: $168,750 - 4.5%, 30 Yr Fixed, 0 Points, $855 / Month - I'll pay the $7,250 to pay the difference between the new loan amount and the original 1st and line of credit. 

Parents Lien: $15,000 - $625 / Month - 3% - Paid in Full 11/2017

Therefore: 

Rent: $1,400 / Month

Mortgages: $1480 / Month for 2 years, then $855 / Month

HOA - $50 / Month (Includes Trash)

Taxes & Insurance: $140 / Month

So, do I sell it and become debt free less my mortgage and buy BRRRR properties in the future, or do I keep it as a long term wealth building investment that won't cash flow?