Here's my situation: I bought this condo in 2002. It's in a very small condo building, only four units. I'm the condo president and the only one on the condo board. This means that I do all of the work of running the building, getting estimates, arranging repairs, leaning on the others to get them to pay the assessment, filing suit on them (had to do this on two of the three other owners in 2010), and everything else. My commute is an hour from work also, which doesn't help things.
Market value: Not totally sure, but a unit just sold for $75K down the street. Another sold for $65K. Still some foreclosures here.
Original price: $137K
Original Mortgage: $129K
Interest Rate: 3.675%
Term: 20 years
Years remaining: 19
Amount remaining: $105K
Gross rent: $1400
Principle & Insurance: $608
Taxes and Insurance: $200
HOA: $250
Deferred Maintenance: unsure
Extra issues: We have very low condo savings, and about $20K worth of repair work needed, so we will have to have a special assessment.
I would like to sell and move closer to work, but not only am I underwater, I am the only one managing the building. I've checked into management companies (for the association, not my unit) and most won't accept a 4-unit building. The ones that do have negative reviews on Yelp for ripping off their clients.
Right now, one unit is rented to someone who lives in California, another is vacant (in foreclosure) and the third has a non-English speaking owner. I'm hoping to resign as president after someone buys the vacant unit.
I have enough to probably bring enough cash to the closing if it sold for $75K, but then I would lower my savings by at least 60%.