Property no longer cash flows...to sell or not to sell?

[Michael Manney]

So I’m just starting out ... however, I've been managing two small rentals for several years now. One is the previous home i lived in, a small luxury condo in a Philadelphia suburb and the other is a house hack in Philadelphia. 

The condo currently rents for $1350 a month which just covers the fixed expenses, it no longer cash flows as the condo fees have steadily increased. The rental income on the house hack we live in now covers the mortgage, taxes and insurance.

A freind who is also in real estate investing advised me to sell the condo since its not giving us any measurable rate of return and then reinvest that capital in properties that will cash flow. 

The rental market where the condo is located is strong, we have 19 years left on the mortgage. We have never had any problem finding renters and the maintenance and upkeep have been minimal as it was new when we purchased it in 2007. We have roughly 60k in equity in it and still owe 107k on it. I’m also considering taking out a line of credit on it to pull out the equity rather than selling the property since it has at least been building equity for us. 

What are the pros and cons to selling it vs. holding it and pulling out equity to reinvest in hopes that it will begin to cash flow as the rents continue to rise in that area?