To sell or rent out my primary???

[Matt Lawrence]

I would love some advice over this scenario which was kinda clearcut to me 2 weeks ago (to sell & reinvest $$$) but now I'm on the fence. 

Situation: I have owned my primary for 6.5 years & will be moving in the upcoming weeks to rent a house. I was planning on selling my home because I don't feel the margins fit to turn into a rental, but I am now considering this as an option after getting fixing costs from contractors & further considering refi options. 

The #s: Mortgage on the home, escrow - $800 total - ($177 of that goes toward principal if relevant)                

            Estimated rent - $1200 

            Current fixed interest rate on the 30year note - 4.625%

            Home has $12k in principal paid, with a $26k down payment + added equity totaling approx $63k before closing costs, so I assume I would pocket around $54k after selling (fsbo #s)

 A structural engineer inspected & recommended that if I want to sell the home, I should have 13 piers replaced costing $7200 but long story short I think it's more of a precaution & would not have this done if keeping as rental. No slope inside the house & have fixed the minor cracks inside. 

So my question is, could/should I keep this as a rental & use a HELOC & pull close to the same amount if I were to sell the home while saving maybe $9500 in repairs (some cosmetic fixes & upgrades best for selling not renting, possibly staging) or am I looking at this the wrong way?

I have 6 rentals in the same city that I self manage so this wouldn't add much more time on my plate after finding a tenant. I'm sure I left out some pertinent info in some regard so please let me know. 

I look forward to your insight & stay safe everybody!                                                            

[John Teachout]

Sounds like you have the numbers you need. If you're not sure, try selling it (as is, not with the foundation repairs) and see if it goes. If not, you can implement plan B and rent it.