Move and make current home a rental or save and invest more OOS?

[Jeff Mills]

We purchased our current home almost 6 years ago. The market here has appreciated quite a lot during that time. Our home's value has appreciated over 50% while my salary is twice what I was making when we purchased it. I also expect the market here to appreciate a good deal more over the next decade. It's very difficult to find cash flowing properties in our state so I've bought one property out of state and have another under contract in a market not expected to appreciate a great deal but cash flows well.

The question I've been grappling with is whether to purchase a new primary residence now and rent out our current home that could cash flow quite nicely. We would have to pay a higher mortgage so we wouldn't be able to save as much for out-of-state investing but we would have another rental property and primary residence in an appreciating market.

How would I go about doing the math to determine what the best choice would be?