We were able to pay this one off in 2009 with some of the money my husband inherited after his mother's death. Being free of this payment has put this in property in a position where, even with the amortized loan through the HELOC, it has positive cash flow. Well...it won't this year with that huge assessment from the HOA, but in a normal year it would. This is a good thing!
So far I have had (can you hear my knuckles rapping on the desk) good luck with tenants. We still love our old condo. I get really nostalgic when I'm over there for one reason or another. I guess that is normal since I lived there for over 17 years. Moved in there when I was single, added a husband, then two kids. Don't get me wrong. We love living where we are. Our house now has lots of room, lots of storage and a huge yard. No one gets displaced when we have overnight guests, and we're never fighting for a bathroom. But the time, money, and energy it takes to clean and maintain might not be worth it as we get older. We plan to keep this rental for a long time....maybe even long enough to move back there once the rugrats get out of high school. LOL