Help Converting Primary Residence into a Rental

[Alex White]

I guess my biggest hurdle in factoring this out is the fact that i already has purchased the property and have a mortgage. i think i have all my numbers that i need but its just calculating the ROI. Does it make sense to use the historical purchase price etc, and add the equity into the equation somewhere.

or use the remaining mortgage.... i cant seem to wrap my head around it. either way

Single family hime 

Purchase price 460,000

down payment 23,000

remaining mortgage 416,000

reno budget 100,000

Rental income 2,300

monthly operating expenses 891.00

Mortage payment 1873.00 per month

what more information needs to be considered.