Ditto what Joe Homs said, I live and invest purely in SoCal and have for the last 15 years.

Namely, I am only allowed to receive purely PASSIVE income from any of my investments.

If you are looking purely at the financial gain aspect, then selling and taking the profit and putting it into other investments (assuming you can find other good investments) is probably the best idea in this situation.

Expecting anything more is purely a pipe dream and is not commonplace.

We have grown our empire through pure rentals and turn or personal into a rental.You have lots of choices!

Rates are still good and probably lots better than they were in 2006, but that's pure guesswork.Are you paying PMI due to the high LTV?  

(Average in NYC is 6-8% cap, can be lower in Westchester due to taxes) Do you plan on living in this property or is it pure investment?

Assuming this is your first investment (please correct me if I'm wrong) - There are a number of advantages/benefits you receive when purchasing an owner occupied investment that are not extended to you when buying a 'pure' rental property.I'd be more than happy to chat about what your options might be down this way.

It was fraud pure and simple, some experienced appraisers confirmed it when they looked at it.OP, take it and run!

Example:In St Louis we have some great Pure Cash Flow play areas.