Keep or Sell my negative Cash Flow rental

[Gani Veer]

Hello BP members,

I am a new member to BP, and this is my first post. I have a question regarding a rental property in Chicago with below details? It is currently yielding negative cash flow. I am holding this property for about 10 years now, in good location easy to locate tenants. Unfortunately it has negative cash flow that I am being fed up with, although some of the money is going into principal.

Purchase P: $205,000

Rent: $1550 - $1600

Loan Balance: $120,000

Interest rate: 3.25%

Matures in : 10 years

Insurance: $20/month

Prop Tax: $330/month

Condo Association Fees:  $445/month

Negative Cash Flow: ~ $430/month not counting vacancies/realtor commission to find new tenants/repairs etc.

I have about $800 going to principal and the load will mature in about 10 years. I have an investor willing buy it for cash around $200K. 

Shall I sell the property for a loss and buy possibly a one or multi-unit properties that will yield positive cash flow, even though at a higher interest than my current ultra low interest rate. 

Another possibility is look for a partner to get some cash out and split the cash flow as well. If so how shall I go about structuring a partnership deal. Your analysis and guidance will be much appreciated.

Thanks,

Gani