How do I analyze my home as a rental?

[Nicholas A Kligmann]

My situation:

Great Credit, Income $180k/year, Rural Midwest, Only debt 155k on a $190k house, 38k EF, no savings for investment yet but able to save 2-4k monthly in about 6 months (currently finishing funding college funds).

One option: turn my current home into a rental and moving up in house. My home is a little too nice in this area to be an ideal rental home but I already have the loan in place. How do I analyze the deal taking into account that I could save $50k on initial investment to get into the game?

I could rent my house house out for $1300/month and have it on a 15 year fixed at $1500/month. The negative cash flow isn't a problem. I could easily make a second mortgage payment. Time is an issue. I don't have time for rehabs, and need "turn-key".