Hi,
I have a long distance rental property where I have had the same tenant for 10 years. Purchase price was $230K. I'll never be able to get 1%/month rental income ($2300). Realistically, I could work my way up to getting $1700/mo. I currently get $1450/month.
Value of mortgage is $109K, so I have lots of equity. There's no property in my current area where I live where a 1031 exchange would work. Am I silly, to simply want to sell the rental prop (market value $310K), pay the capital gains, and the depreciation recapture?...it would be a lot in taxes, but what else can I do if I wanted to sell and no longer be a landlord?