Buy second house, rent out first house? Advice needed!

[Andy Yoon]

Hi all, this is my first post since signing up recently, yay!

So, we're expecting later this year with our first and would like to move closer to our parents.

We currently own a condo ($240k balance on loan) and believe we can rent it out to cover nearly all of PITI + HOA. Unfortunately, selling the unit is not an option as it is underwater.

In turn, we could rent or buy a modest SFR for around $325-350k (with 20% down). Our household income is between $160k - $175k annually and our credit is good. I haven't talked to a mortgage broker yet, but was hoping to get tips or advice on whether this is a good idea before I do. Thanks!