Sell or rent out primary residence
I’m going to be moving out of state and having a hard time deciding what I should do with my primary residence. If I sell I could walk away with around $50k after all selling expenses (I’ve lived in the house over 2 years so I wouldn’t pay capital gains taxes) all major mechanicals have been replaced In the last two years. (furnace, a/c, hot water heater, softener, septIc field, roof, wIndows, kitchen appliances, etc.)
If I rent out the property the numbers would be as follows
Purchase price: $136,500
Rehab at purchase: $18,000
Current value: $200,000
Rent: $1,400
Vacancy 10%: -140
Maintenance 5%: -70
Capex 5%: -70
Mortgage: -632
Taxes: -220
Insurance: -50
Cash flow: $218
The home is in a nice area that has appreciated well over the last few years. I’m looking for insight as to if I would be better off to cash out since I’m moving out of state or if this would be a good opportunity for my first rental property