Trying to decide if I should rent my house or sell

[John Clark]

I'm starting to plan my first REI and I'm stuck in a bit of a dilemma. I know I want my first investment property to be a multifamily, and I know I want to live in one of the units for the first year since I'll be using an FHA loan. However it's trying to decide what to do with my current house is where I'm getting hung up. I don't know if the best strategy is to rent or sell. And if I rent, should I consider refinancing first? Below are my statistics on the house. Any advice is more than welcome!

Currently owe on loan: $109,000

Purchase price: $118,000

ARV (based on comps and upgrades to the house): $135,000

Mortgage: $830 (if refinanced $600)

Average rent in the area: $1100

Other fees: HOA $24, Water $45