Newbie looking for advice on 1st home

[Trey Underwood]

Hello all!

I am looking to begin my real estate property investing and have a few questions. My fiancé and I purchased our first home last year in West-Central Texas. It is a 2 bed / 1 bath with 900 SF. I would grade the neighborhood as a B- or C+. (Nice part of town, near the best schools in town, but most of the homes were built in the 80’s)

We purchased for 104,500 using an FHA loan in my name only because the fiancé's credit has not been build to where it needs to be yet. Our interest rate is 4.5% on a 30 year mortgage. We currently owe about 97,500 on the mortgage. We are making biweekly payments. Our mortgage has fluctuated between $840-900 a month depending on the escrow account. That includes principle, interest, taxes, and insurance as well.

We have spent about $8,500 in repairs and upgrades including - revamping the landscaping, having the brick and siding professionally painted, installing new stained cedar posts and shutters, installing a new privacy fence and having it stained, removed popcorn ceilings, redid the taping/bedding, retextured, had the inside walls and ceiling professionally painted, installed a new cedar beam in the living area, new custom blinds for all windows, all new light fixtures and ceiling fans, brand new stainless steel appliances (range with double oven, dishwasher, microwave vent hood, and new refrigerator - all GE brand)

Floors are in good not great shape (tile in kitchen and dining room and single bathroom, laminate in living room and hallway, carpet in both bedrooms) and would be the only other possible upgrade we would consider. All other upgrades have been paid for with cash.

Now for my question(s) FINALLY!

After all of the upgrades my property is worth somewhere in the $120,000-130,000 range according to local realtors. I have not had an appraisal since we bought.

I am torn on if I should rent this property out or if you all think it would be better to sell considering all of the upgrades we have made?

Comps in my area are going to be a little lower only because most homes have not upgraded nearly to the extent as we have.

IF we were to rent, what should be our expectations as far as monthly rent charged? The older homes in my neighbor who have NOT upgraded are rent for $1,000 a month all day long. We were hoping to get at least 1,100 and possibly up to 1,200 although that is pretty steep for a 2/1 in our area.

IF we were to try to sell the home, what are y’all’s thoughts on minimum profits we should look to make after the money we have put into this place?

**We also live in a community that has an Air Force base so there is rarely ever a shortage of tenants.

Thank you in advance for any advice! Any other tips or advice is very much welcomed and appreciated!