Should I keep my house?

[Jeremy Schreiber]

Hi all,

I've accidentally found myself as a real-estate investor and am seeking your advice.

I used to live in a house in Austin, TX.  When I moved away to get my MBA (no I didn't study real-estate), I decided to rent my house, rather than selling it.  Eventually I moved to San Jose, and did a cash out refinance of the Austin home to help with the down payment in San Jose (which is a MUCH more expensive market).

My question is, should I continue to rent my house in Austin or just sell it?  Here are the details:

- Purchased brand new in 2004 for $196K

- Cash out refinance in 2015 - house valued at $280k, I continue to own 25% equity ( $70K)

- Refinanced for 30 years at 4.25% interest ($210K loan)

- All in PITI is $1670 per month

- Currently rent for $1745 per month (locked into a 2 year lease with a good tenant)

- Property manager fee is 7.5% , and I'm living in CA, so PM is a must for me

There are all of the details.  I'm hoping the cash out refi was a good idea - but it enabled me to buy a great place in the Bay area.  Do y'all have any thoughts or advice for me?

Thanks in advance everyone!