bought a rental, should i take the loss?

[Simon McBride]

Hi,

Looking for some advice. I bought a rental sight-unseen 3 years ago through a friend. The purchase price was 56k, which, in retrospect was rather high for what it is. The first year was great and brought in 950/month without fail. However, the second year was a bit of a disaster, bad tenants, worse pm, water damage and cost me all i had made in the first year. The 3rd year has been mixed, new pm, new tenants, one pays on time, the other is looking like needing an eviction. The price of the property was listed as 26k but has risen to about 30k. What would you do if in my position? Sit and hold?