Advice apreciated - keep or sell my first rental
My primary of 25 years became my first rental when my wife and I moved this past spring.
3/2, 2150 SF all brick ranch built 1956 in Charlotte. No mortgage. $2500/mo rent.
My options are:
1. Keep and continue to rent but house will need updating:
Original bath ($12 - $15 K)
Kitchen cabinets/counter top (~ $20K)
HVAC & gas furnace ($8K -10K)
Oversized vinyl windows in addition ($10 K)
Total $ 50 - 60K
Roof, H2O heater 3 years old.
2. Sell (appraised for $380 K in 2016) and use $ for DP on new primary ($100 K - we're currently renting) plus DP on several more rental properties ($50K each).
A friend who is a property manager agrees that house will definitely need updating. I can't see spending 2 years worth of rent on updates. On the other hand, the house is in a neighborhood that's starting to see the knock downs and rebuilds and there's possibly more up side appreciation.
I'm leaning towards selling next spring when my tenant's lease is up and going with option #2.
I'd appreciate any feedback. Thanks in advance !