What to do with negative cash flow property?

[John Pfeifer]

Hey everyone. Love the BiggerPockets community and looking for advice with a negative cash flowing rental.

I’ll get right too it:

I bought a condo for a place to live and received a new home buyer grant.

200k - 10k grant. Paid 190k

Lived in for 3 years and then started to rent.

I’ve now been renting it for 5 years.

After rent covers mortgage but not icy else. I’m basically out $150 a month not including any potential repairs.

So over the year I get 5500 towards mortgage for roughly 2000 in expenses.

During this time condo construction went crazy in the city another 6000 units in a city of 260k people...

Condo market has now tanked and not going to bounce back anytime soon.

Looked into selling the condo and I could get 160-170k with 135k remaining on mortgage.

Basically do I cut my losses sell and take that 30k or take my small equity each year?