Primary Residence into Rental?

[Curtis Brown]

Hello everyone!

I'm considering moving out of my house and turning it into a rental. Based on my research I think I can get about $2400 - $2600 monthly rent with a monthly expense of $2139.28 (that's including mortgage and saving for things like capex, repairs & maintenance, etc.). I'm wondering if it's worth turning my current home into a rental since it's the only one I'll have for many years (most likely). Any thoughts? 

Additionally, a lot of experts are saying the real estate market (among other markets) is going to have a significant correct soon. In terms of home buying, I think I should wait to see what happens this winter and decide if I am going to do this. I am also aware that mortgage rates are going up while the prices are expected to go down so it might not feel like a good deal from a monthly-mortgage payment standpoint. What do you guys think?

Thanks for any perspective you can share. 

[Nathan Gesner]

Quote from @Curtis Brown:

If it rents for $2,400 and all your expenses are $2,140 then that leaves you with $260 cash flow and is a good deal.

Nobody can predict the future but there's plenty of red flags concerning the economy. We're at 3% unemployment but restaurants can't find employees? For the last two years we've seen local restaurants closed 1-2 days a week - even at the height of tourist season - for the first time in history. Property values increased 50% in two years. I sold a used car for more than I bought it for six years ago. We've seen massive influx of people with no experience buying investment property around the country, helping drive prices exorbitantly high.

Waves crash harder and faster than they rise.