Should I sell or should I rent out

[William Gonzales]

I'll set the stage. I'm living in a home, that I've gradually renovated to some degree, initially for the purpose of establishing a rental unit. It's a townhouse in North Charlotte, NC near UNC close to rail system. It was built in 1997, in an HOA community (monthly cost of $225 covers external home, water, trash) and has had updates to the HVAC system, new kitchen cabinets, floors on one floor (three floors total), and appliances, new toilets. If I could afford to I would renovate the bathrooms completely. We have one of the largest units (4 bedrooms 2200 sq ft) in the community but the law of conformity is affecting the value of the home, as several homes in the neighborhood are well below $300k (smaller sq ft and less rooms). I purchased the home at $312k. Working with a close friend who is our broker and my wife (who recently acquired her real estate license).

I'm paying $2200 mortgage, if I could I would rent out, I want to be certain I can make a profit as I most certainly can't afford two mortgages. One of my considerations is to further improve the value by taking a renovation loan, however I'm concerned because of the neighborhood values that investing more money into the home won't net me much profit whether I sell or rent.

I feel a little stuck here and I don't want to fall to my limited knowledge, so I'm here reaching out for some guidance.

Thank you in advance for any advice or support. 

Best regards,

Will