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I'm trying to decide which is the better option - sell my investment property now for 480k or wait maybe a month or two and sell them for 500k. I got into them 14 months ago at 315k.

The quick sale now is almost a sure thing, but waiting another two months and realizing 12% higher profit sure is appealing. The sale at the higher price is not a sure thing within two months but that seems to be the timeframe.

Where is the market headed? Using broad strokes, things look poised for a correction. Where I'm at there is no vacant land and the city is undergoing a renaissance, so I'm fairly comfortable that these properties will weather a correction quite well. They are in a prime redevelopment area.

I am out about $750/mo supporting the properties, but I can spend that several times before I'm worried about putting a big ding in a $40k difference in profits.

I think Internal Rate of Return calculations are what I need to evaluate this, but I can't figure out how to set it up. Any Excel financial gurus out there help a brotha' out?