Buying new primary residence, rent out current one?

[Adam Berlinberg]

We have a SFH that we have lived in for four years, and looking to move a few miles away into a better school district as the kids are reaching elementary age (and homeless issues, and neighborhood not as great as it used to be). We have about $350,000-400,000 in equity in the house (very hot market), and our rate is 3.1%. If we can swing the cash for a down payment on the new house, is it worth keeping the current one and renting? Not a ton of rentals in the area, but still a very nice neighborhood and comps would be a cash flow of $700-800 a month (minus property management). Not sure if it is easier or better these days to just take the tax free equity and not worry about it, or if hanging on to a low rate SFH is worth it these days. High income household and involved in syndicates but no individual investment properties owned (though interested).