Utah: Negative Cash Flow... Hold or Sell?

[John Peterson]

We own a home that we purchased 3 years ago as our primary residence. After two years we purchased another home as our primary residence and began renting the previous home. 

Recently I've read a couple Bigger Pockets books. Calculating the figures on a rental property got me looking into our current rental home. 

I am curious whether we should keep it, or sell it. Here are some figures.

- 15 year mortgage. 12 years left.

- Mortgage $2,150 (includes taxes)

- Rent $1,800

- HOA $60

- Property Management $160

Roughly a $520 negative cash flow... Or so we thought. After reading BP books we failed to subtract all the other items... Brings it closer to $900 negative.

So now we are thinking of selling and investing in an actual investment rental property. One with positive cash flow. 

Here are other numbers...

- Purchase price $274k

- Currently owe $215k

- Current appraisal approx. $325k

Home is 8 years old in Valentine neighborhood in Woods Cross. Purchased at market value, zero sweat equity. Plans to keep it as a rental at the time of purchase were unknown.

Hoping for some guidance from some veterans on here. 

Keep, or sell?

Regards,

Lost Newbie investor