Rent or Sell?

[Account Closed]

Rent or Sell
I own a house in Arizona that I need to decide to rent or sell. I bought it 15 years ago new, at 85K. I’ve lived in it for the last several years, and recently vacated it with the intention of selling it. According to 2 RE agents in the past week it should sell within 3 months for about 145-150K, netting me 135, or it would rent—both said 950 or so in a month or two.

If I sell, the plan would be to replace it with another house, paying for it (pretty much) completely, or maybe two, depending on me getting the money to do that. I want to sell because that house is in an hoa. Whatever I buy will not be.

Both agents suggested renting for a year or two, then when the market is rising, sell and buy. Right now there is vacant land behind it, which will not be true for long. I have NO idea what the hoa will do as far as assessments. I do know they will not go down.

What would you folks do, sell now, rent for a year or two then sell, or what? Now of course, I’m competing with foreclosures, but in a year or so, that open land behind the house will be being built on—900+ houses planned for it.
If I take my 135K and buy another house for that amount, even if I can rent it at the same 950 per month, how does my financial picture change? Will I have the same return from a replacement that I would have from that house? Any replacement would probably be older, since I would not be buying in an hoa. Also is the fact that my house would sell for 150K, but what I would buy would have to be less, using only my proceeds. The recent agent said now the sales here are beginning to pick up. Maybe do an FSBO? I don't know how successful they are here.

Thanks,
Ofgift