I am 68 years old and retired. I own 2 Condos in NYC. Both offer a positive cash flow. Due to current conditions, the rental market now is extremely competitive. One of my tenants is leaving. I have a few choices. I can rent the apartment with a loss of $400/month (I would still have a positive net income). Or, I can sell the apartment (maybe), for approx $600,000. After closing costs I figure I would net about $540,000 which I could invest with my stock portfolio. I paid $550,000 for the property about 5 years ago so I would be losing $10,000 on the sale of the property. I am looking for the least amount of risk and the least amount of headache at this point in my life. My question: Do I hold on to the apartment with the hopes that the NYC Market turns around, or sell it now? I should mention that there is no mortgage on either property. Any advice would be greatly appreciated. Thank you
