[Calc Review]: Renting Current Property vs Selling and Buying New

[Michael Sykora]

This question is rather broad and understand the answer will depend on everyone's situation.  There I'm looking for some guidance on figuring out how to calculate the numbers rather than a simple "you should do this" answer.

The Situation:

I live in California where I purchased a home (primary residence, though was 'house hacking' and renting out my in-law) in Daly City for $905K about 3.5 years ago.  Per Redfin/Zillow, the home is in the $1.25M range now.  We purchased another home where we'll be moving and I'm now trying to decide if I should keep this Daly City residence to rent out or sell it and look for another property (most likely out of state or in the San Jose area) to invest in.  I want to run the numbers to be able to make the best choice, but I'm struggling to figure out what numbers to look at.  

My thoughts on calculating if I should "Sell and Buy Something New:"

I believe I need to break this calculation into two steps 1. How much will I make on the sale? and 2. What does the investment look like for the new property.

1. How much will I make on the sale?  I'm guessing this is as simple as taking my estimated sale price, minus any expenses to make it sale ready, real estate agent fees, city fees, and any taxes to state/federal?  Then with this number I'll know how much I'll have available for the 2nd step:

2. Numbers for the new property?  I'm thinking of leveraging one of BiggerPocket's deal calculators to understand the numbers.

My thoughts on calculating if I should "Keep the Property":

Would one of the BiggerPocket Calculators help with this one?  I'm assuming I would take the estimated rent, minus all expenses (taxes, management, estimated repairs, vacancy, mortgage, etc) to understand cashflow, and leverage an appreciation estimate to guess what the property could be worth in a number of years?

Comparing the Numbers:

Once I run the above analysis I review what my cashflow and appreciation might look like to make the final decision?

Questions:

1. Any flaws you see in the process listed above?

2. Any large expenses/costs/process items that I'm completely overlooking?  When I initially thought through this I forgot about agent fees to sell the property, which is a huge cost.  Did I forget any other major costs?