Should I sell my non cash flowing condo??

[Timothy Casallas]

Hello BP,

A year ago I bought a condo in Niceville Florida that I kind of rushed into. Its a 2 bed 2 bath single family unit which worked for me at the time because I had a roommate that I charged an extra $500 to and split utilities. Now that I have moved away, I am renting it out to a single family and it is non cash flowing and honestly was a bad deal to begin with all round. To make matters worst, HOAs increased by about $100! The only good news about it is that I purchased it for 110k with 20 % down and homes just like it are selling for 125k.

So my question is would you sell it and use the down payment to buy another home? Or hang on to it?