Maximizing rental income: Should I trade up or sell?

DEAR BENNY: I have rented a single-family house out to the same tenant for 15 years, and this person is moving out next month.I owe $68,000 on the property and it could sell for $280,000. It probably needs $25,000 in improvements in order to sell it (unless I decideto sell it as is). I am a novice investor. However, I would like to eventually own an investment that gives me enough net cash flow so that I can go into partial retirement. The property nets $200 per month.

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