Selling or renting my personal home

[Nic Hill]

I need a little advise here, 

So my wife and I live in a relatively expensive area on the central coast of California. We bout a 1900 square foot two story home last year (Easter weekend to be exact). It has allot of potential. Everything cosmetic. With a pretty decent size lot. A high school quarter mile down the road and a middle school around the corner. Safe friendly neighborhood. Although I didn’t run any numbers before purchasing because well, frankly I wasn’t aware. I went off of pure gut instinct. There are some new homes being built about 1.5 miles down the street starting at 500K. We picked ours up for 340k. 401k loan is payed back in full. 

My question is, should we sell this time next year? Or rent it out and buy another home? I’m trying my best to run the numbers but still very green. Any advise helps!