Your expected rents will go up over time, you mortgage will stay the same (or possible decrease when/if rates go down) and your tenants are helping you pay down your mortgage and build equity. 

The point of house hacking is to decrease your biggest monthly expense and that is housing, not to turn profit.

It's better to find out now that they can't afford your place than to endure brain damage for several months and find out they can't afford it.I guarantee if you enforce the late fees this time if will greatly decrease your chances of getting late rent in the future.

The value of the property has gone up and we cash out refinanced bringing our interest down significantly, our monthly payment also decreased resulting in more cash flow overall.

Per the state is it increasing over the last 10 years, staying flat, or decreasing?

Rent collection rates usually decrease as property ages (do you know of a 100-unit 1960-built property that has higher collection rates than a 100-unit 2020-built property?).

@Brieer Doggett,I would suggest looking at it rationally...1)  pay down debt--  pay less on on interest, decrease  overall debt2) Buy multi-family, and gain $2K/mo(what you said you pay in rent), or $24,000 year in income, gain experience, build equity .Which logically, do you think is better?

I have seen a pretty large decrease in our contact rate and lead flow.

Or I could sell it to purchase a turnkey multifamily.My goal is to decrease my living expenses by renting out the other units.

I could then use the negative pass through income to hopefully decrease my taxable income?