Condo -- to keep or dump?

[Michael Farraher]

My wife bought a condo in 2006 (at top of mkt) $155k. We have had a tenant in place for the past 8 years, operating at a net loss of ~$100/month (because, upside down). Solid stable tenant, but discounted.

Now, market has rebounded. Comps are at $150k. Currently owe $135k. HOA is $250/mo. Place is kind of a dump, but the management is good. Rent is presently $1000/mo. Going rentals are at about $1250-1400 (maybe)

Question is, do I try to raise rents and find a better-paying tenant, or dump it? (Also, I moved across the country, so any headaches are going to cost me to fix.) I'm thinking dump it...any reason why I should reconsider?