How much of your PITI goes to principle? How likely is the place to need an expensive repair or condo assessment fee in the next few years? How much does it impact your cash flow to cover the monthly gap?
$713 goes to principal.
I just laid out $4200 for a water heater a few months ago. The only other thing that can go is the furnace/AC. And that's an expensive system because it's closed loop and connect to the water heater.
It doesn't affect my cash flow.
Can you decrease your expenses (interest, insurance?)
Not really. Everything is at the minimum right now.
And, how likely is it for the SHTF at work? Would you have any interest in downsizing to the condo after FIRE?
I think I might be good for a few more years at work. If I am, I can get to FI in 5-7 years. I wouldn't mind going there if my health degrades and if I have to cut expenses dramatically before my mortgage is paid off. But it's no longer my first choice.
What does your gut tell you?
4 years ago, my gut said hold it. Wait for price to recover. Wait for metro. Now I'm not so sure. I don't think I really want to live there again, but I'm afraid that if I let it go, it will cost me even more to find a small 1-BR place to live if I need it. If my tenant moved out tomorrow, I'd put it up for sale rather than risk another tenant. He's been great, but so have I as a landlord. I sort of wish he would decide to move out.