Bad apartment buildings buy. Now negative in cash flow

[Mike A.]

Hey all, 

A friend recommended me to BP so I am hoping some people can assist with my delima.  I've been buying props for a few years in Hartford and Bridgeport with good success.  They are only 2 - 4 units, and very little issues.  Two years ago I wanted to grow faster so I purchased two apt buildings in Ansonia, and it's been hell ever since.  The mort./tax are 4600 a month.  The insurance is about 600 a month.  The PM is 1200 a month.  Utilities are 300 a month (main ones).  Water is about 400 a qtr.  Exterminator is 350 a month (two buildings).  Cash flow when originally received was fantastic.  During closing, four tenants moved out.  Over the last two years, six tenants had to be evicted.  They trash the place, so the turn overs are a fortune.  I have no idea on how to get out of this.  I have one offer from a buyer who owns apt buildings in the valley (Ansonia, Derby, Shelton, etc), but he only wants to assume the commercial morts. and pay me 250k over the the price.  My morts. not assumable and no one else is interested as the area is depressed.  Income from my other buildings are covering the 500  month overruns.  I have a locked 6.6% commercial morts. for 10 years, but if I leave prior to 2019, there is a pre-payment penalty of 5%.  I've dumped about 150k into the buildings to bring them current and upgraded.  I reached out to other brokers in the Naugatuck Valley, but it seems not many are interested in the Ansonia-Derby-Shelton area.

We've been in questionable areas before, but it took 2 years just to get rid of the crappy tenants.

Looking for advice and counsel.