Should I sell or rent

[David H.]

Hi,

In 2009 we bought a SFH. We could not sell the 2 bedroom townhome in Cary, IL due to the market crash. I have been renting it since. Two tenants were problems, but this was my fault due to poor screening ( I am too nice :)

I bought the townhome in 2004 for $200K. $60k (4.5 years) is left on the mortgage. The rent covers the mortgage, but I still pay $5.5K for taxes & $2K for HOA. The townhome would sell for around $145-$135K. Do you recommend selling and taking the $60K - $70K loss?

It took 4 months to find the current tenant - just a steady stream of lookers and not very good quality prospective renters. The current tenant will leave in June - she broke the lease to a non-allowed pet. 

Maybe it is time come to terms with this and sell at a loss.