Cypress is such a large area and encompasses so much new growth, new planned areas as well as large acreage areas, horse properties, mini-ranch styles or established subdivisions with or without HOAs, it's hard to give advice with the information you provided. My daughter attends a college close to Cypress and she's been told that's where the rich people live so your suggestion that market conditions are declining isn't one that's shared by outsiders looking in.
Investment property provides several solutions to an owner. First, it allows them to create an asset out of a liability. If you can't sell a house, rent it. Second, if the owner is looking for additional income, purchasing a home to rent provides a stream of payments abliet with risk of interruption due to vacancy or the possibility of significant repairs. Thirdly, an owner can hope for appreciation and that coupled with passive income can be the pot of gold at the end of a rainbow.
As long as you are maintaining an acceptable ROI, keep the property. After all, Cypress is where the rich people live!
I would hold on to your property. The market will no go down - it si stabilizing and will stay steady for a while. Take another look 10 yrs from now.
Hope this helps.
Are the prices declining in the area where your house is. If you see the neighborhood turning to mostly rentals, and people not caring for their yards you may want to sell now. some landlords do not care for their homes and the values do decline.
You can pick up another rental, a HUD owned, a REO, bank owned or distressed sale for another rental in an area that has not declined yet.