Keep as rental property or sell?

[Cooper Meurer]

Hello all! 

I am seeing opinions on my current situation. Hopefully, it doesn’t end up being too terribly confusing. 

I currently live in central Midland, TX in a 3 bed 2 bath single family home (1480 sq ft) with a value of around 305-315k and I owe 221k. I have lived in this home for 4 years now and love my 4.75% rate as well as the equity I’ve seen in those 4 years. My current mortgage payment is $2,000 per month. 

My company is a great paying and flexible company that is allowing my fiance to move to the Austin area when we want to in 2025. I am currently renovating to sell (around 20k in updates). There has been some hesitation for me to sell due to the fact the rental market here is averaging $2,500 in rent for my area and property, I make great money now and have funds to cover vacancy and repairs on the home, but I would like to be able to afford a nice rental for my fiance and I to live in while we save for our primary residence.

Shoild I sell and take my profits (60-70k net) and throw into an investment closer to where I will be living or should I rent, cash flow and build equity in the property. 

Thank you for the advice!