Am i making a mistake?

[William Huston]

I own a house in North Carolina since 2003, i paid 78k for it back then but now its worth about 54k according to my latest appraisal, i lived in the house for 5 years and now its been on the market as a rental, but i have had the darnest time with renters with it, i have had it vandalized twice, a/c stolen when vacant, and broken into when vacant along with multiple renters refusing to pay rent after moving in and living freely tell i evict them. I have lost THOUSANDS over the years on the property just trying to keep it as a rentable unit. Recently with the changes in flood insurance cost my expenses went up even more, so between all of that and it being empty often between renters i am really contemplating selling it. I have had it for sale for about 5 months now at 60k, 55k, and 50k without a single offer except some wholesaler offering 32k for it, i recently countered it to 40k and im waiting for a response.. but i feel like the best i can do is dump it to the wholesaler and cut my loses.... but the only thing that sucks is i still owe 49k on the mortgage, so i would have to pay out of pocket the difference, which i have access to....

[Jerry W.]

@William Huston I agree with @Ned Carey.  With all of the problems with crime  and renters and the drop in value maybe it is time to unload it.  it is unfortunate that things turned out so badly but it is not an uncommon problem when neighborhoods turn   to the worse.  Good luck on getting rid of it.