Loser property

[Jonathan G.]

I have a property that I feel is a long term loser and need some advice. My long-term renter is moving and I need to get someone else in next month. This particular property was my very first home and I've learned a lot since that initial mistake. Background: - Town home built in 2004 -nice place but in less than desirable area (Clarkston GA) - Purchased in 2007 for 145K. No money down. Interest free X 10 years with no payment towards principle since that time. -Moved out in 2009 with steady renters ever since. -mortgage 553 includes tax and insurance) - HOA 132 (includes structure insurance) -Repairs (not atypical from what I see on my other nicer properties). -easily rents for 1000, but could probably re-rent at 1100 but not worth losing any potential months of lost rent. -prior management fees: 10% per month as well as full month with new signing and 50% with renewed leases. Would not keep Management company this time around. Current value: probably 80 K at best case scenario Options 1. Bank offering another no payment down seven year arm. Kick the can down the road another seven years. 2. Sell, eat 70 K and write off as loss (BIG frikin loss) 3. Short sale, credit takes a major hit and I depend on my credit to make money and do well in other areas.