Dawna is a real pro! I am so glad she was on our team. For nearly four years she guided us through the volatility of the San Luis Obispo housing market, answering our questions from a far (we live in Montana) and flagging appropriate properties or developments along the way. When the timing was right and we found just what we were looking for, Dawna expertly guided us through the negotiations and inspections. This wasn't our first home buying experience, but we really appreciated how easy Dawna and her assistant made the whole process. We successfully closed in less than 30 days.
1. Evaluate your desire/need to own this property 1, 5, and 10 years from now. If there are more benefits to keeping the property (income, tax benefits, etc.), do not plan to sell. Perhaps there are changes to make to rents/repairs/tenants that will make it work for you for longer.
2. Talk to knowledgeable real estate broker about market value, closing costs, possible net proceeds from sale, and market timing. More planning will make for better decisions and less drastic decisions.
3. Talk to your CPA and/or tax advisor about the tax consequences of a sale. Estimate about 8% for transaction costs as a seller. You will need a rough estimate of possible sale price, your purchase price, and depreciation amount, if any.
4. Look up your property value on websites: Zillow, Trulia, etc. Look for both value estimates and rent estimates. Note how much information is available online publically about your property. Be aware that these valuations can vary as much as 20% either way from actual market value. This will help you see what information buyers are seeing about your property.
5. Pay attention to how you feel when you drive by your property. If you would rather not be responsible for it, consider selling.