Help! Should I sell or reinvest equity??!

[Kevin Vasquez]

So I need some advice. I bought my townhome in dec 2016. Built in 1991. The bathrooms and kitchens need an upgrade as they have the original beige cabinets. Rented the home for 2 years at $1850.

Come to find out my mortgage broker didn’t get the correct info on the taxes and my total mortgage payment went from 1800 to 2100 (for underpaying taxes originally) including the $180 hoa. Rent rates go for closer to 2k for an updated version of my home. So I’m losing money from the get but hoping for the home to appreciate to make profit on the back end

Let’s fast forward this. My tenants ended up destroying the home, had flood damage and mold. I’ve had to pay $10,500 worth of repairs. To make matters worst the property is manly stucco and wood and the subdivision is prone to termites.

I’ve had the home on the market for nearly 5 months paying the $2100. All of the potential buyers seem to flake or not qualify. Home is listed for $250k with anticipation to negotiate price.

My question is since I have a descent amount of equity is it worth keeping the home and using the equity to buy something else or should I wash my hands from this situation ?