When does the ARM reset ?
What is the index and margin of the reset ?
Since you are a few years into loan it is likely to increase significantly. Is the 500-700 per month negative based on the I/O loan ?
Is 8400 per year (negative cash flow) a lot of money to you ?
How much will your cash flow improve by moving ?
Raise in new job/ lower cost to rent.
If your new job pays more and your new rent (in the place you move to) is less than you can rent your old place for, you could consider keeping the place and renting it out.
1 BR condos are at the bottom of the food chain. Your unit seems to be on the leading edge of the bust (down at least 25% already). It’s value will probably drop to the point where someone could buy it as a rental and have positive cash flow. That means another 50K or more in depreciation.
That said, it might be difficult to sell at the price you want to sell it. FOr the 70K or so you might have to bring to closing, you might be able to carry the negative for about a decade. Sometimes it’s too late to sell.
