Should I rent or sell?

[Ryan Kaplan]

I am new to REI and welcome your feedback whether I should continue to rent OR sell the property. I purchased one side of a 2-unit Condex in 2006 for $161,000 with 97% financing on a 30 yr fixed mortgage. I used it as a personal property for 4 years and have been renting it since. The rent is about $40 shy of the Mortgage (principal/interest/tax) payment, so I make up the difference out of pocket. Annual additional expenses run about $1000 per year, to include insurance, maintenance, etc. The property value is now approx $135,000 and the original loan principal is $123k?

Would you cut your losses and sell the property OR raise the rent slightly to cover the mortgage and continue to build equity in the property?

The tenants are good and stable. They have been there over three years and take care of the home. Thanks for your feedback.