To sell, rent and more

[Tami R.]

We got our first house for $12k - we are going to put $13 into it - so $25k invested (loan was for $20k - the rest we are paying cash). Interest at 7.25% 15 year.
If we were to list the house after our 4 week rehab - our realtor thinks we could ask $42k and get $39 or $40k or we could rent it for $425 or $450 per month. I know it depends on what we want to do but out of curiousity if we were to rent it say for $450 and our mortgage, ins., etc was at $250 should we pay $350 on the mortgage and put $100 in the account for that property?