Thoughts on selling or LTR my residence
I am seeking advice on what to do with my current residence.
I am 60 years old and looking to downsize. The question I have is, do we sell the house or keep the house and rent it out?
Details
2,819 SF, single family residence, 4 bedroom, 3 bath house, with a pool
The house is in a very desirable location.
Market Value - $950,000
Mortgage Balance - $226,137 (10 years left)
Martgage Payment - $2,250/mo
Interest Rate – 3.5%
Average Rental comps - $4,430/mo (looking at the comps I think it is above average)
It certainly looks like it would cash flow, but that leaves buying a new house with a small downpayment and high interest rate. If I sold, I could be debt-free and have extra money each month to invest elsewhere. If I keep it, in ten years it will have possible appreciated to $1,400,000 now free and clear.
Thoughts?