Advice Needed - Sell or Rent
I currently have a home that is worth anywhere between $300k - $400k. We have lived here for 3 years and owe $260k (purchased for $280k). We are relocating out of state and I'm interested in using this as an opportunity to begin making money through real estate.
I'm trying to decide whether to rent (I've been told I could rent it at around $2,250/mo) or sell. Based on current estimates, we stand to make a profit of $20k - $100k depending on how much we can sell for after all the seller fees are paid.
With all the costs of renting I don't stand to make very much if anything off of the rental. But I would be able to keep the house as an investment for the long term, and it could pay off down the road as I pay down my mortgage. Plus it could be a safety net for us if the relocation doesn't work out.
I could also sell, and reinvest in more appropriate rentals, like town homes or condos. As I'm concerned that I'll have a hard time getting $2,250/mo for my home.
Any advice would be greatly appreciated!