I realize this is an old Blog, however, I have a similar issue. Is it better to Short Sale the Condo and or renting? I don't know if the market is improving in Irvine.
I own a one bedroom condo in the Watermarke/ It is 635 square feet and was rented for $1250. per month. It know can be rented between $1550 to $1650 per month. However, I refinanced my mortgage loan and now paying the following per month (Total: $2169)
$250 Property Taxes
Now, lets take a look at the operating costs and the income potential. If you receive $1650 per month in rent your monthly loss will be $469.00 per month. Annual loss is $5,628. Is this a good investment to keep? Should you short sale this property as this property has a burden of $90,000 ( the condo is worth on the market around $194,000 to $200,000 and the amount owed is $280,512).