I own a house in that situation in northern IL. Bought in 2006, refinanced several times down to 3.25%. I had it rented for 2 years at PITI + $50. Renter is moving out, the rental agent is saying we should be able to get approx $200 more per month for it. To sell, I’d still lose about $15-20k. So we’ll hold it another few years, then hopefully sell at break even. As long as it’s rented and the roof doesn’t blow off, it’s low stress.

We moved to NC 2 years ago, and it doesn’t matter what the market does here- we like the neighborhood and the house, and we’ll be here at least 13-15 years.