How to value current home as potential first investment property?

[Meghan Custer]

Hi BP Fam!

Our primary residence is valued today at about $215,000. We're 8 years into a 30 year mortgage with $95,000 left at 3.875%. I'm new to investing and still in the learning stages.

We are in the early stages of building a new home and had originally planned to sell our current home to make the down payment - otherwise, we don't have the cash.

I'm now considering simply taking out a home equity loan on the current home for the down payment on our new build. This would allow us to keep the first home as our first rental, but I can't seem to figure out the numbers. 

I'm not sure which BP calculator to use - BRRRR or Rental... or neither, because the numbers come out much different.

I should be able to get $1600 or $1650 for rent and it will only need minor work when we move out - estimating $5,000.

Any advice on how to figure out if this would be a good first rental for our family? How would you evaluate this deal?