Does this property make sense to hold onto?

[Jordan Miller]

I house hacked this 4-unit property start year of 2022, moved out in a triplex in 2023. Since then, I’ve had a nightmare of items pop up

Mortgage payment: 1,495 to 1,950 (home was valued at 100,000 on the county auditor to then moved to 210,000, the price I bought it)

Loan: I have a 320 dollar loan payment that finishes up by next year for a tub and shower replacement

Water: When I first bought the property, the bill was 250-300. It’s been going up every month where I got the bill today for 500 dollars. I’ve fixed leaks, change toilets and still keep going up.

I’m at appoint now when I moved out, I thought I’d be making money because while I lived there  I’d be going even. At this point in time, I’m losing money. I just had to take extra money out of my personal account and funnel into my rental account. 

My question is, have you ever been at this point with your own rentals? Where your pushed up against the wall, does it make sense to still own the property? What ways could you lower the expenses or more income from the property.

My goal is to hold on to this property for the long haul. It’s been stressing me out as I self manage this and my other property where it’s affecting my moods and I don’t like it and something has to change. Any advice is appreciated and thank you for your time.

[Bruce Woodruff]

Without knowing all of your specifics, I'd say that it's only worth holding on to if you can reasonably expect to have some really good appreciation in the near future (like 5 yrs)....

Or, in the case where it would run well as a vacation rental, you could switch the usage, maybe?

Otherwise, why keep it? We're in the business to make money right?