A few things I would look at.
1) What is your time worth?
2) If you sold it for a loss would you be able to claim a capital loss and deduct it on your taxes.
3) Do you have too much real estate exposure compared to your net worth? For example if you bought a $300K house when you moved out then combined you have around $500K in real estate exposure. In your net worth is $400K then you have 125% of your net worth in real estate which would not make me feel very comfortable.
I am very confused on the best way to compute cash flow.
Is it Income - Mortgage Interest - Expenses? I just about break even if that's the case.
Or do I count the entire mortgage payments I made totaling 14000 in which case my cash flow is -4000. How do I even factor in depreciation into cash flow?
You are mixing up cash flow with profit or loss. A simple way to figure cash flow is to have a separate checking account for everything related to the Condo. If you deposit the rent checks in that and pay all expenses, including taxes, out of that and the account grows or shrinks then you know if your cash flow is positive or negative.
The profitability is more complex because it considers the things like depreciation and paying down the mortage some each month.