When to sell an investment property? (Honolulu, HI)

[Sean Sakaida]

Aloha everyone! 

I'm a newbie investor from Honolulu, HI. I was wondering if I could get feedback in a property I own.  I have a condo that I've had for some time. It would be paid off in about 12 years. The thing is that I'm not making money on my condo right now. I'm negative about $120 a month! At that rate when my property is paid off I would be paying out of pocket a little over $17k for the life of the loan. When paid off free and clear I stand to cash flow about $900 though. So not sure if I should hold out for 12 more years or if I should sell it. The real estate market in Hawaii appreciates about 1-3% annually. So I could be looking at big appreciation down the road. It just hasn't appreciated much until lately. Since the market is hot right now in Hawaii, I'm wondering if selling for a small profit. Then use the profit to buy rental property in the mainland. I'm currently under contract on 2 properties in Cleveland OH.