I need help. Twice now this year I have attempted to sell my 1bed/1bath condo in the DC suburbs. I must move out of this unit for my mental health, with reasons I shall not go into here. My outgoing is $1310/month including mortgage, HOA, and property taxes. I could rent the place for $1200-$1250. Without selling I would not have funds to purchase another place and so would have to rent. I would not feel terribly confident covering my mortgage and a rent payment on my salary alone.
My mortgage balance is $132,800. My asking price is now $195,000. I paid $227,000 in 2007 for the place. I rented it out for 3 years while I was out of the country with flighty tenants and flaky prop mgmt. Unfortunately all my funds are tied up in the property. I have been aggressively saving up cash for a down payment on a new place, in addition to the equity I have. (reduce my TSP contributions, quit putting extra toward my mortgage, more meals at home, etc.)
How can I move if I don't sell the place? How could I make this work? Is there lemonade to be made out of these lemons?