Sell or rent out primary due to move

[Morgan Alema]

Debating on what to do with my current primary home as a job is taking us out of state. I currently own a home in Seattle (Queen Anne) that has appreciated roughly $1M since we purchased it nearly 9-years-ago. After taxes and selling costs we should net roughly $700-850k depending on final sale amount. We could take that equity and purchase a more expensive home in an equally desirable neighborhood in our new city and push the leverage. Possibly even purchase something that needs some renovations - new kitchen, baths, flooring. 

However, with our current low interest rate and rental rates for our neighborhood we could also cash flow appropriately $1000 per month, keep it and allow for further appreciation over the next three years until we would need to sell to capture section 121 tax exclusion. My current home is in excellent condition and will sell rent very quickly. However, as we approach an election year I’m wondering if the time has come to say goodbye and move these funds on to another home. If rates were lower then I would do a cash out refi for the next purchase. 

Another scenario is that we buy something in the new city at a much lower price point and use other funds.