Rent or Sell Current House? - $20k Dilemma

[Michael Losasso]

$20k questions. Should I rent or sell the house I currently live in? 

I purchased the house with the original intention of doing a live in flip. Since purchasing the house in 2011 rents have increased considerably so I am looking for some advice from the Bigger Pockets community, Rent or Sell? I want to add a rental property to the portfolio but I am not sure if this would be the ideal scenario or not. 

The reason I said the $20k question is I would need to complete the kitchen before selling. The problem is the kitchen is more then nice enough for a renter and will not drive a higher monthly rent if I update it before renting. Thus my dilemma, remodel the kitchen and sell or leave as is and rent it out. We will also be purchasing another house regardless if we rent or sell the current one. 

Now time for the numbers: 

Comps: $340k-360k

Owe: $137k

Rent: $2200 a month

Really just looking for some opinions on the matter or some general advice?

Thanks!

[Travis Sperr]

I think you will find that the kitchen will cost more to update than it will bring in additional purchase price. There is less inventory this year than last and buyers will see past a dated kitchen right now.