We bought a four-plex in North Dakota in 2003 for $85,000. We've put serious money into it over the years, including a new roof ($14,000), new windows ($15,000), new garage doors, carpet, appliances, coin operated washing machines, etc. (probably $15,000?). In return it does well, especially the last few years since the oil boom hit. This last year it brought in $39,000 with expenses of $21,000 (that is everything from insurance, taxes, management fees, utilities, etc.) Our real estate manager, also a real estate agent, says we can sell it for $325,000. We don't owe a mortgage. Should we take the money and run? I'm from ND, and I'm a little nervous that this oil boom will crash in about 8-10 years. Even prior to that, more and more housing is being built every day and rent is sure to go down somewhat.
Sell? Keep? We would invest the money in another multi-unit in a different part of the country if we did sell.