Selling a cash negative property?

[Aadam Khan]

Hi looking for some advice on a rental property I have in Waterloo, ON.

I bought a student rental condo by Laurier uni for 300k 20% down in 2019. Currently refinancing taking out $67k (appraised at $375k) to purchase a 2nd rental. Because of the refi I have 1 mortgage $990/mo and 2nd mtg segment is $236/mo. Covid has resulted in reduced rent currently charging $1229/mo. After all expenses (mtg, maint fees and prop tax) I am -$450.

My plan is to purchase a 2nd rental in Windsor,ON to achieve cash flow and hopefully offset the negative cash flow from the 1st rental.

Is this a good idea? Should I have sold the Waterloo property instead?

Let me know your thoughts or alternative suggestions thanks!