In this economy all houses will continue to loose value until real wages start to rise again, that will be five to maybe twenty years away.
Can you keep the house for sale with a renter in it? You'll be better off cutting your losses and selling it soon rather than to continue to pour money into it for no return.
You didn't say how old the house is or it's condition. If it's a hundred year old house that hasn't been renovated in fourty years it may be worth more as a bare lot or farm land than as a rental property or an acreage. Don't go back to your old realtor, talk to some different ones. Also get an appraisal from a dedicated appraiser, not a realtor.
If you are renting it out you're probly best off with the property manager, it keeps you out of the constant little hastles. You're manager will make way more out of the deal than you will, but you'll have some small cash flow until you decide what to do.
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Today's Featured Article - Restoration Story: Fordson Major - by Anthony West. George bought his Fordson Major from a an implement sale about 18 years ago for £200.00 (UK). There is no known history regarding its origins or what service it had done, but the following work was undertaken alone to bring it up to show standard. From the engine number, it was found that this Major was produced late 1946. It was almost complete but had various parts that would definitely need replacing.
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