Great morning BP family,

I purchased my first home on April 1, 2024. I bought a 3/2 1500sqft foreclosure in Ormond Beach Florida. My purchase price was 225k and I put 5% down. I put about 60 – 70k in repairs. I completely renovated the primary and guest bathrooms. Added brand new cabinets and granite countertops. I am in the process of getting it reappraised to eliminate PMI. I finished all my renovations in early November. I expect the home to be worth at least 300k conservatively, but up to 325k. It appraised 242k prior to any renovations.

My mortgage should be about $2,100 after I get PMI eliminated and I was going to rent it to a friend that I have known since high school for $2,000 a month. The home is in a B class neighborhood, in a good school district, and walking distance to parks. I expect it to appreciate over time. I plan to pull a standard lease agreement from the Florida Supreme Court website and review it with her next week.

I have received a new job opportunity where I will be making an extra 40k annually and must move out of my home quicker than I initially expected. Does it make sense to rent it out losing $100 a month? I planned to increase the rent to $2,100 next year to cover my expenses. On paper I am only expecting to lose $1,200 for the year (assuming no cap ex expenses since I renovated everything recently).

Alternatively, I feel that a property manager could probably rent the property out and cash flow even after they take their cut, but I am worried about the screening process and potential tenants destroying my new home. Admittedly, I made the interior nicer than I probably should have for the area. I have seen other similar homes rent for $2,200 - $2,500.

I appreciate any advice from this very helpful community!