To Sell Or To Hold In Fort Lauderdale

[Sheila Grullon]

I own a 1 bedroom in Fort Lauderdale near the airport, beach, Las Olas, etc. I'm fairly new to the investor community so I'm stuck in the research phase. I've been going back and forth on whether to sell my condo or rent it out.

Here's the math: Mortgage, Taxes, PMI and Insurance are $685/mo and HOA is $250/mo. I think the rental market in the area calls for about $1200 for a 1br. Using the rental property formulas, this seems like it isn't worth keeping for cash flow.

From the recent sales I've seen in the area, 1br go for 130k-165k so selling may or may not leave me with about 50k after closing. That's money I could use to invest in another market. 

I know most of my doubt is based on emotional attachment to the area and it being my first home so maybe having some experts chime in might help. Is there anything else I should be looking at?