Fix the headache and rent vs sell

[Kayl Kam]

Hi all, 

I am new to real estate. 

I am moving out of my SFH to move to another state. I paid 5% down payment in 2021 and locked in a 2.875% interest rate. The purchasing price is 425K and now Zestimate is at approximately 500K. It is in a very good neighborhood and I think the house will appreciate very well if I hold on to it for 20+ years. It is a 4b4b and likely can rent out for 2800-3000/month (near breakeven but negative cash flow by less than $200).

However, this house (built in 1984) has an old 3-level deck that will need to be rebuilt (per the inspector in 2021 no one will repair the deck).  I intend to have a property manager to help renting in out and she said it cannot be rented out if there is code violation (the deck) or safety concern. Inside of the house is in good condition and it has a lot of characters.

I am wondering if I should take a loan to fix/rebuilt/downsize the deck, do some landscaping at the same time to make the backyard as low maintenance as possible, and fix a few things like the front porch and woodpecker damage, before renting it out, with the goal of keeping it as long as possible and rent it out after these expensive items are fixed.  This house is locked in at a low interest rate and in a good neighborhood (zip code 48335) which I think will appreciate well. However, all these are very expensive, especially I will have no tenant during the repair.  I will move into a condo in another state which is another property of mine (I only have 2).  It also has a mortgage.  I can pay these 2 mortgages every month comfortably with my W2.  I feel like it is doable to pay extra for a loan to do all these improvements, but a bit risky since I am taking on a new job.  

How about keeping this house as another residential property, and take my time to repair the deck/porch say in a 2-3 years time frame, so that financially I will not be stretched too thin?  Or should I just sell it and move on?  

Any feedback will be appreciated.  

Thanks!