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Rental house after divorce

I’m currently going through the process of divorce, and I was looking for some advice when it came to a rental house we have. She is willing to let me pay for her half, but we currently have a 2.5% interest rate and with how high interest rates are, it would be a hefty price difference when I refinance to remove her from the title. Net worth is around $100K and we refinanced it in Sept 2020.

The rental income is currently $2,645, with the property manager taking 185 (7%), and mortgage almost $1.6K; meaning not accounting for other expenses, we pull about $860 per month. Assuming the new APR for Texas would be around 7%, the estimated price of the total mortgage (tax/insurance included) after refinancing would be around $2.2K. Leaving about 260 per month, but that doesn’t account for repairs, vacancies, etc.

I have an 800 credit but I might have to do a cash-out refinance or something to pay her the estimated $50K she would be owed, unless we agree on paying her the $50K over time. I have a decent amount of money saved up in case something goes wrong, but I’m unsure if it wouldn’t be worth it to just both sell and each walk away with $50K. Any advice would be helpful. Thanks!

submitted by /u/StillSky24
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source https://www.reddit.com/r/RealEstate/comments/17s0yye/rental_house_after_divorce/
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