My PITI is $1200, so it would be cash flow negative unless I refinance. I just hate to start a refi and sell it in 2 weeks!
My opinion, either find a way to *A*increase the potential rental income or *B*sell it and redeploy the capital. As is, it's just eating you (and your 'stache) slowly.
IIRC, when you lived there you commented about the floor plan being cut up with small rooms.
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A chopped up floor plan suggests an idea for *A* increase the potential rental income: rent by the room
Some things to consider: How many bedrooms (currently or with low $spent)? What's the neighborhood like? If the neighborhood is "too nice" or a war zone this might not work. If the neighborhood is more lower-middle/working class, and if it is reasonably close to public transportation and social service offices, renting by the room could boost your rental income if the bedroom count works. Might even make sense to have an on-site super/head resident who gets reduced or zero rent.
In our area a working class 3 bedroom apt rents for $600-900, or you can get $350 per room. There will likely be a bit more wear & tear, but also better cash flow. This doesn't work in every situation, but can be lucrative where it makes sense (we have 1 such house at the moment, and a client who is doing a rent-to-own with us is doing this as well - out of about 15 current investment properties).
Your property manager likely either loves room rentals or refuses to do them, you could start there and let the manager figure it out. If you want to do your own research, start with a local agency like Catholic Charities or whoever runs a transition shelter (where they are looking to place shelter 'graduates' in permanent housing). Or start with zoning/code compliance and then check with an agency.
Lastly, have you just considered selling the house "as-is" and undercutting yourself-- just to get out from under it? Right now it is costing you a mortgage payment every month. Would it be worth a year's worth of mortgage payments to make it go away?
This describes why you might want to *B*sell it
If you're not a "real estate" person, and don't have a strong desire to dabble, this is worth considering.
"Breaking even" rent vs. PITI before mgt fees, vacancies and maintenance can cost a lot vs. putting that capital to work in an index fund or other productive investment. If you are a real estate person you could probably find a property with better return even *after* transaction costs.