Should I keep or sell my rental?

[Sean Gover]

I have a 3 bedroom townhouse worth approximately 115-120k.  I owe about 90K with 20 years left on the mortgage.

My total mortgage payment is $725/month.  Includes taxes and insurance.

HOA is $110/month. Covers water and trash.

I collect $925/month in rent.  May be able to increase to 950 soon.

Furnace/AC unit is 9 years old.   Frig is 2 years old.  Roof I am unsure but at least 15 years old.

Would it be wise to keep or sell this property?  

[Ryan Dossey]

Sounds like you've got a negative cashflow on it. If you sell on the MLS you're looking at 6% in fees. Not to mention credits, inspections, and closings costs.

How much longer is your lease for? Something like a Lease Option may be a better idea for you. Or selling on a land contract. 

I would either plan on fixing it, selling it, or altering your current strategy. Unless for some reason you're expecting rapid appreciation. I don't know your market so I won't begin to speculate.