Should I sell or rent my current home?

[David S.]

Hi all, 

I'm looking for general advice on whether I should sell or rent my current single-family home. 

Current Home details:

Purchase Date: 11/10/2020

Total Purchase price: $435,000

Downpayment made: 20%

Remaining Mortgage Balance (as of today): $327,000

Monthly Mortgage: $1,971.42

Mortgage Interest Rate: 2.50% 

House Build Date: 2018

House Type: Single Family Home. 

Local Area: Thornton Colorado (Adams County).

Zillow rent estimate for this property: $2,714 (have no idea how accurate this is for the area)

Other info that may by useful:

- I have no experience as a landlord but am open to it if profitable. I'm somewhat interested in renting as I have free time (no kids) and it would give me something to do. But the most important thing to me is if it's financially sound.

- I'm looking to move into new house within the next year. I'm hoping rates will take a dip below 5% but we'll see.

- I have a down payment saved up for my new house purchase and don't need the equity in my current house for anything. 

Does it make financial sense to rent or sell my current house? 

Thanks in advance for any and all advice.