Honestly, I'm not sure why there is any discussion going on here. You bought this place as an INVESTMENT. It is LOSING $450/month. You need to sell this place ASAP for whatever you can get for it. The longer you hold on to the property, the deeper in the hole you get.
Based on your numbers, it sounds like it has been losing money from day one. I'm curious why you bought it in the first place. The costs have always been higher than the rent, correct.
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Steve
Join the 2009 Ebay Challenge!
* Despite the high cost of living, it remains very popular.
* Why should I pay for my daughter's education when she already knows everything?
* There are no shortcuts to anywhere worth going.
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