Nightly vs Traditional Rental....which one is winning?

[Matt Queen]

Sorry for the potential newbie question but I am struggling to figure out which one of these properties is a better investment (or if they are both duds!). I think it is that one has a mortgage and one does not that is making it hard for me to compare.

Property #1 is a seasonal nightly rental (condo) at a lake and has a $600 mortgage each month (included in the numbers). 2019 was my first full year with it.

Income = $13k
Expense = $16k
So a total profit of -$3,795 : (

Property #2 is a traditional tenant rental I have had for 16 years with no mortgage, I stopped renting it in month #8 of the year because I put it up for sale (was kind of tired of maintenance problems, plus it is a condo that has never really appreciated in 16 years!!). 

Income = $9.4k (obviously would have been more if I rented 4 more months @ $750/mo)
Expense = $8.8k 
Total Profit = $610

I know one had a profit and one did not, but is that fair to compare when one has a mortgage and one does not? How do you truly measure apple to apple when one property is paid off?

Which one of these properties is a better investment, or should I say which is worse? Are they both duds and I should dump them both as soon as possible? 

Are condos generally a bad investment because of little appreciation and high expense on assessments?

Again apologies for amateur questions, but I really appreciate the truth from you seasoned pros out there. Thank you so much in advance!