Moving to a bigger home (sell or rent)

[Bryan Bakrevski]

After 14 years in our current house, we've finally reached the point where we can afford our forever home.

We had a contingent offer accepted, but don't have much time to get this place sold. On the market for about 2 weeks, and showings are definitely slowing down.

Now, I know some of the blame can be placed on our inexperienced realtor and poor pictures and listings, and some can be placed on structural issues (bowing block walls). The thing is, I've always thought this house would be a better rental than a home, and have thought of it as an option the whole time we've been here.

Are current options are either relist with a different agent and wait it out, or pull it off the market, cash-out refi (currently have about 50k in equity) and use it to help with the down payment on our new house. Based on comps, I believe it could rent fairly easily in the $1400 range, and the refi would actually drop our mortgage payments on the current property a couple hundred a month as we have much better credit than we used to and could clear about 500/mo before expenses. The major upgrades that would be needed in the coming years would be foundation bracing and siding, but in its current condition, it only needs 2 more rooms painted to be move in ready (we did a TON of work preparing the house to sell/rent). 

I've planned on this being our first rental property for years, but I'm not too sure any more with the increase in leverage.

 Anyone care to weigh in?