Should we rent our current home or stay there and invest in bmore

[Asumahu Mustapher]

Hi, All. My husband and I own a townhouse in Glen Burnie MD. We are looking to get into buying and holding investment real estate. We bought the house in 2014 and we are refinancing the mortgage. There is no equity in the home right now. After we refinance our monthly payment will be 1950. I talked with a local agent in my area and she said we could rent it out for $2300. 

My question is should we rent it out and upgrade to a single family home. Our current budget for the new house will be $400,000. 

If we don't go this route, we are also considering buying investment real estate in Baltimore. 

Thanks.