Continue to rent or sell 2nd home?

[/u/TPA2SAV]

I have a second home (condo in row house built in the late 1800’s) in a different state that I rent furnished for $3,100/month. The monthly mortgage is $1,970/month (owe $244k, purchased for $315k). During the time I’ve owned it, I completely renovated it and and only paid for the material. I recently started working with a financial advisor and he didn’t have much guidance on what I should do. He only stated that stock investments and real estate investments tend to balance out over a lifetime. With the home being completely renovated (minus water heater), there haven’t been any maintenance costs and I do have savings to cover any unexpected repairs. The home is in a great location…walkable to colleges, restaurants, and blocks away from the park centered around the middle of the city. The unit also comes with two parking spots in the rear. Looking at comps, I could sell at $400k-$425k. At this time real estate makes up 85% of my overall investments. 12% of my overall is in cash investments. Mid-30s and feel like I’m behind when it comes to my 401k. Would you hold on to the property or sell, and why? I don’t come from financial savvy family and I’m just figuring this all out on my own. Go easy on me…haha. Thanks in advance.

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Continue to rent or sell 2nd home?
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