Should I sell at this loss?

[Sundri Khalsa]

Any advice? Should I sell?

I have 5 properties. One looses $458 per month, which might go down to $383 per month if rent can increase to what property manager says is possible now. That monthly loss is preventing me from paying off one of the other properties faster.

I purchased the condo in 2007 in Jersey City for $360,000 and put $30,000 down.

Refinanced in 2013-ish at interest rate of 4.25% as investment property after I had moved away.

I currently owe $250,100.

I can sell now for $270,000--the first opportunity I've had to sell without needing to pay money at closing.

I can afford to keep the condo and continue to take a $458 to $383 monthly loss, but should I?

Does the property really ever have a chance in my lifetime of going back up in value to $360,000 or higher?

Property is located in Jersey City, NJ and currently valued at about $270,000. 

[Philip Williams]

While I in no way want to speculate on what market may or may not appreciate, I can speak to the burden of unloading your worst property. It is such a load of bricks off your back I would do it for that alone. My worst performing property actually made a couple hundred dollars a month but simply was not worth the headache. I cannot tell you the pleasure it gave me to never have to visit it again.