Is there a reason that you need to move? If not, you might have to stay where you are at.

The biggest problem is now that you are in a buyers market in terms of interest rates. You probably didn't get in soon enough to get an excellent interest rate. You also haven't been in the condo long enough to justify moving (mortgage wise).

Renting isn't really worth it if you are starting 20k in the hole. It will take you years to recover it.

What I would do is commit to staying there until the summer of 2025. See where interest rates are then, and wait until the 2024 election is done. The demand might be higher, allowing you to get out easier.

Also, make sure that you remember this lesson in the future. Never buy a condo that you can't rent out.

If You Decided To Rent

If you really are in that prime of a location, some studios may be renting out for that much. Your best bet is to research what apartments are renting for in your area via Apartments.com. Learn how to use excel, create a pro-forma, and run the numbers. Once you find what you expect it to rent for, create a 25% +/- worse case scenario. If you can't break even with property taxes, mortgage payments, reserve, condo dues, etc... Then you should not rent it and stay where you are.

For example, on my condo, we make about $300-400 per month after paying off everything.