Moving out of CA into TX! Should I rent out my home or sell it?

[Paul Kim]

We're one of the many people leaving California for good ol' Texas. We're buying a brand new home in the Austin area. Here's the decision I have to make: Do I keep my home in Anaheim, CA, and rent it out? Or do I sell it, take out the down payment / principal paid / and equity made, and use that to throw it at the down payment of the new home (plus invest it into a rental property elsewhere)?

We refinanced the Anaheim home mortgage recently, and our monthly payments with property tax come out to about $2606.00 a month. We pay $165 for our pool maintenance and landscaping. We found a potential property manager who would charge a 6% flat rate to run our home as a rental. It's possible to rent our home in the $3000 - 3200 range. If we charge $3000 a month, we would basically break even or lose money (depending on repairs). If we charge $3200 a month, we might make a $100 a month. 

I need some good advice and recommendations! Thanks!