What is the reasonable floor for housing prices in that area, and account for the increased cost of insurance in the past half decade. If that floor is well below your basis, get out.
If you are not interesting in holding this property as an investment, then don't let it be your escape plan. The negative cash flow just means another thing on your mind, not to mention the -$6000/yr it costs you out of pocket. This also assumes 0% vacancy rate and tenants that are angels.
I'm all for investing in RE, but this one just doesn't pass the smell test. If you told me you were prepared to hold this one for 10 years, then I
might change my tune. Anything less than 5 years is a death sentence, IMHO.
Hope I do not offend.
jurgen