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Refi and Continue to Rent or Sell and Invest in Market?

RE Rookie here, looking for some more experienced advice about the single rental unit i own: 34 and 33 yo married DINK with roughly $250k annual salary and about a $1M net worth not including this property with all assets being stocks (401k, IRAs and Brokerage). Goal is Financial Independence in 10 years and a net worth of $2.5M. About the property jn question: Condo is being rented for past 6 years, since me entering military after just under 2 years of ownership (owned since 2012). Condo is located in a HCOL region outskirts of NYC and doesnt have any issues getting rented due to ease of access to NYC via public transport. My wife and I are currently looking to purchase a home in Washington State where we are stationed as a potential rental property after we inadvertently have to move in 3 years under military orders. We qualify for a VA loan but also have about $150k in cash in a downpayment fund, also are OK renting if that makes more sense. Our goal is to eventually move back to the east coast and spend our time pursuing our side gigs and raising children while living off of investments at about $80k/year total spendings).

Property Numbers Are: Remaining Mortgage: $240k Equity: $260k ($500k value) Rate: 2.75% adjustable that just jumped to 4% (but somewhat fixed and will not go up from 4% until i leave military). I will likely serve another 5 years.

Rent: $2800/month (hasnt changed in last 3 years to stay competitive with local rental market) Mortgage + Ins + Tax: $1900 HOA: $365

Got a few quotes for refi through Chase a few days ago. Option 1: 15 year fixed, 2.7% at about $2300/month (mortgage w/ tax and ins) Option 2: 30 year fixed, 3.2% at around $1900 monthly payment Option 3: 30 year fixed with Equity loan of $180k, 3.2% at $2300/month

My intuition is telling me to refinance to the 15 year fixed rate for the smaller rate with plan of making extra payments to ensure its paid off by the 10 year goal of Financial Independence. This way I have a steady $2000 coming in monthly that I can use to offset housing costs when im no longer working full time. I also enjoy the side hustle of dealing with renters and the feeling of passive income from monthly checks coming in...I coan see myself doing this into retirement The other clear options are to Sell it and invest the equity in my brokerage account for 10 year growth. Are there any options that im overlooking that make more sense in helping me achieve more passive income 10 years from now? Im having a hard time doing the math to find a clear winner for optimizing taxes as well as increasing investment potential. Thanks for reading and I apologize if I left out any important details in advance!

submitted by /u/amilke27
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source https://www.reddit.com/r/RealEstate/comments/e2qj06/refi_and_continue_to_rent_or_sell_and_invest_in/
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