Hey Ben, I'm looking to purchase a condo/property in Riverside as the numbers (purchase price) work out better for me, so I agree with you on the 'making sense move.'
If it were me, I would get the cash out, put it down on apartments or a commercial property that paid me a decent, or better in your case, income each month, and perserve that capital. Not sure how you're set up or what your goals are, but that is something that I'm looking to eventually do (just need a place to live in the meantime...staying with a friend). The drive may be worth it long term if you would want to live near the property/properties, but you wouldn't live in Riverside.
If you sold it you could move to Riverside for a cheaper property and use the extra to put down on something else also. Those numbers show you're getting good cash flow, and the further east you go, the better the cash flow you can potentially get.
I'm no expert yet, but have been to local real estate investment meet ups as well as networking a lot and learning what I can as I go.
Hopefully things turn out well though!!
