Should I sell or keep my rental property

[Michael Ritrovato]

So here are the details on a rental property I currently own. I bought a single-family home back in 2007 with a VA loan. I am currently renting it out for $950/month. My mortgage is $822 but I pay $950 just to pay over on the mortgage, annual taxes are $750 and no other expenses, other than 10% management fee. It is rented out and has been rented out consistently for a while now. I have about $30K in equity in the house now. The question is... Do I sell the house and use that $30K to invest in another property to flip or hold it? Or do I just sell it and use the $30K to get out of debt. I have about $30K in debt. I'm at a loss here.

Thanks for any help guys and gals. 

[Joe Villeneuve]

Well, your last statement..."I'm at a loss here"...pretty much describes everything you stated here.  The numbers tell me this is in fact a loss...and should have been sold years ago.

Sell it, take the $30k and invest in a property that actually cash flow comfortably, and stop adding money to the principle every month.  That doesn't help anyone but the bank...and hurts you.