What to do with my first property?

[Steven Lebischak]

As I mentioned in my New Member Post I bought the house I am currently living in three years ago. It is a 3 bed 1.5 bath with a full basement and single car garage on about a 1/4 acre. I purchased the property with the intention of updating it, and then renting it out. Long story short life got in the way (more on that in the New Member Post). Now my wife and I are finally in a postion to finish the updates and we are faced with a decision to make. I purchased the house for $150k and currently have about $11k wrapped up in new kitchen, heat pump and roofing. I'm estimating another $4-5k for bathroom and flooring. My mortgage runs $830/month and rent in the area for a 3 bed 1.5 bath is around $1,400/month. I would be happy with making $600 profit every month especially since I have updated nearly everything in the house and it should be relatively low maintence for the foreseeable future. But, the market has gone up considerably in the last three years. The house across the street from me which is the same style but it has the garage converted into a living area sold for $205k last year, and similar properties are selling in the high $180's to mid $190's. 

This is a whole new world to me, and now I am questioning if it would be a better move to sell the house and try find a better deal, or if I should stick to my original plan and rent the property. I'm reading through The Ultimate Beginner's Guide now, but I still dont know the first thing about calculating my potential ROI and all the other fancy lingo that the pros use.