Hold or Sell rental property?

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I am 46 ( divorced/single/ empty-nester). My concerns and focus in this phase of my life is long-term financial planning - retirement etc. I plan to remain single to the end so I’ve got to make living 9n one income work ( $65K currently).

I dont have any retirement savings except my job offers a State Pension and I own 2 single family houses. But no 401K or IRA.

I have $67K in non- mortgage debt that I am snowballing. $185K of mortgage debt on my primary. The rental is free & clear with a market value of $185K. So im trying to figure out based on my situation what is the best move for long-term financial sucess.

Now the rental is bringing in $800 net cash flow monthly, after all expenses are paid. I have an excellent long-term tenant who causes me no landlord headaches. The area and home does not appreciate very rapidly though. I bought it for $170K and 2.5 years later its worth $185K.

Is it better to keep the rental (as part of my retirement planning) as a long- term investment or should I sell, pay off all consumer debt ($67K) and put the left over cash in IRA, 401K, HYSA? The net from a sale would be avout $100K.

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The math is to see if the market would pay you more than the tenant does, if you sold.

The real answer is about what kind of life you want. I’m a landlord and hate it and want to take a big pay cut by selling everything. I’d rather not have the additional responsibility of tenants. How do you feel about landlording?

So, do the math and do the thinking and see if your heart and the numbers agree.

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