New member seeks advice - should I sell?

[Will King]

Hi, I'm a new member seeking advice on whether to keep my rental house or sell.  If there is a better category please let me know.

Here's my story:  Bought the house in 2006 as-is, 20% down 30yr fixed.  I did some repairs and had a bathroom redone but the house is not what I would consider renovated.

Rented the house out in 2010 using a property management company. I did enough repairs to get it rented and had the same tenants for the past six years.  It did not cash flow.  When I say cash flow, I mean the rent will cover mortgage, insurance, and property tax.  The tenants just moved out.

It looks like it will take several thousand dollars to get it rentable.  Floors need refinishing, walls need painting, minor repairs, possibly a new roof.  Once these repairs are completed, the property will hopefully cash flow with new tenants paying a higher rent. 

Should I cut my losses and sell?  Should I go through with the renovations in the hopes that the new roof and refinished floors will increase the value?

I kept thinking about this as "The tenant pays 95% of the monthly bill and at the end of thirty years I have a house.  Even if I pay tens of thousands in repairs over the years, I still come out ahead" But I'm not sure this is the way I should be thinking.

Thanks and please let me know if you need more information!