The reason I ask is if the loan is near market rate (versus the rates available 2.5 years ago) then a refi to extract sweat equity could make this more worth the effort, risk, cost. to be blunt, with the numbers as presented and without any extract of value (refinance), I am unconvinced that the smart move was not to re-rent in current condition for $1k.  

Are you trying to create some type of cash flow from the portfolio to be able to leave your job, or build equity and appreciation to be able to extract and move into the next deal?

Examine the post-rehab value (ARV) of the property to determine whether you can refinance and extract most or all of your original investment.

Alternatively, look into renovation-specific loans like the Fannie Mae HomeStyle Renovation or FHA 203K loans as standalone products for rehab costs.FHA 203K LoanPros:Low Down Payment & Bundled Costs: This loan simplifies the process by combining the purchase and rehab costs into one mortgage.Cons:Interest Rate & Refinance Requirement: Higher interest rates and the need for refinancing could reduce your overall return on investment.Fannie Mae HomeStyle Renovation LoanPros:Bundled Costs: Like the FHA 203K, this loan combines purchase and renovation costs, simplifying the process.Cons:Interest Rate & Refinance Requirement: Similar to the FHA 203K loan, the need for refinancing to extract equity and convert to an investment property might add to your costs.I am a loan officer so I have some expertise in this area.

Health care beeing the prime example: the american for-profit health care system looks like an unbelievably rigged pyramid scheme designed to extract money from the population - this is so clear when you have the comparison to other countries.

I suggest you look into extracting equity from your primary rather then sell the Merced property.  

Seeing the extraction is typically meant for long term, refi makes more sense. 

Buying a vacation home and thinking it brings in cash flow is a sure way to make the locals rich, as vacation rental communities are extremely seasoned at extracting wealth from visitors, perhaps especially including those who own remotely. 

An insane increase in lawsuits by individuals looking to target high asset individuals (investors) and extract assets from them by lawsuits.

Fuel for the day: Cucumber Botanical soda water, zest of lemon, and a dash of Guaranaplant extract.