Deciding to sell or rent
Hello all, I am working on downsizing and moving much closer to work which should save me a ton of money.
I am undecided on what to do with my current home.
Analysis
Purchase Price - 200K
Current Mortgage - $185K
Estimated Sale Price - 235-250K
Money is pocket is sold is >30K
Estimated Rent - 1700
Expenses
Principal and Interest - 860 - about 300 goes to principal
Current Taxes w/Homestead - $3,800, estimate $4500 with no homestead
Insurance - 100
PMI - 94.09
HOA - 75
Lawn Care - 45 (would pass on to renter, told is the norm)
Yearly Rental Analysis
1700 * 11 = 18700
PITI * 12 = 16200
Principal paid down = 3600
Maintenance = 3600
HOA = 900
Depreciation = 1500
Net = (18700 + 1500 + 3600) - (17160 + 3600 + 900) = 2140
Concerns
New to landlording
Capital Gains Tax
Low on Time with my current job
Depreciation would need to be paid back when I do sell
Market could tank
Lose the ability to claim taxes and interest on taxes
Force me to keep more money in cash
Rewards
Learn new skill
Market could appreciate
Inflation can raise rent
Look for advice on my numbers and any recommendations.