Buy and Hold investor - sell and go to multi-family or rent this?

[Colwyn Wickersham]

Hi All,

Looking to see what others think of this property. I currently own/live in it and could look to rent it or take the equity and put it toward a multi-family property for larger value. My concern is the rent at $2600 is on the larger side for my area at least for a unfurnished home. It is a large 5 bed, 2.75 bath with an large den, pool and spa and outdoor space for the kids. So the home and amenities are much more than what the other homes offer as well. All the updates have been done already, exception of carpet, paint and 2 toilets to replace before a renter would be placed. The rest is brand new within the last 2 years so I know the cap-ex for the future should be minimal minus an AC unit whenever that goes out. Pool equipment is all brand new and will be maintained by a pool company, cost is already included in the rent analysis. In your opinion and (if you could support your viewpoint with an example or reason would be helpful) - better to hold or sell this property and 'upgrade' to a multi-family instead?

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Colwyn

Buy and Hold Investor

Phoenix Area