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 - Gatherin of the Orange - by Rick Nikolich. In July of 1998 I was talking to fellow Allis Chalmers collector Mike Schilling about the annual "Gathering of The Orange" AC show coming up in August of 1999. He got this wild idea that we should get a convoy of AC tractors and drive them from Charlotte, Michigan 105 miles to LaGrange, Indiana.
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