When should I cut loss and sell rental property?

[Kody Bernier]

Bought a property in Summer 2020 and it’s been nothing but repair after repair.

I bought the home for $194k. It was in “good condition” meaning it didn’t need a renovation. Floors, walls, roof were all in good condition.

After about 6 months in I found out It had a foundation crack because water was coming in through the basement (wasn’t mentioned in inspection report). That cost me $15k.

Since then about once every month I get some kind of water pipe burst or leak because the copper pipes are wearing out. This usually runs me $3-500 to call the plumber out and fix it. Not to mention whatever water damage is done.

My house has appreciated with the market so it’s now worth roughly $250k (according to Zillow).

I don’t know what to do. Keep it and keep getting nickeled and dimmed out of rental money? Or sell it, make some money, and move on.

What should I do?