Should I Sell or Rent current property?

[Joe E.]

Hi there, I very recently joined & first posting here. As real estate investing is not my professional focus nor do I have background/experience around it, I've been thankful for finding sites like this!

I suspect like many newer folks here, I've marched through dozens of articles via this & other related sites (good grief there are plenty). Also, I spun up my own spreadsheet to help clarify the various calculations before using online calculators (I like to learn how things work). Plus, it lets all these newer concepts & formula marinate in my head as I figure out some key items ... mainly thinking through on what kind of real estate investor I want to be, what kind of portfolio I wish to build, and can I analyse deals properly. 

With that, here's my real estate investing scenario, and thanks in advance for the feedback and insight! 

Scenario: I own a 2 bd/1bath small condo in SE Michigan (Ann Arbor/Ypsilanti area @ ~850 sq ft) which I lived in for ~ 15 years (nice small place along quiet, decent-sized lake), and moved recently out of state for a different job in same industry. So main decision point here: do I sell or rent this property? I have some thoughts on it, but wanted to see what more knowledgeable folks had to say on the matter.

Numbers: Here are my numbers on the property sale: 

Sale Summary: Agent's comps and market analysis seems good (I've lived in area for 15 years, so passed my gut check), so I could close this property out & should get a ~$10,000 check at closing.

As to renting, the current financial model from a re-fi some years ago provides a negative cash flow. In order to get positive cash flow, I'd have to stretch the rent amount just to break even.

Another financing option would be to re-fi the condo again, basically re-finance remaining $66,000 amount with 20% down @ 5% on a 30-yr fixed:

Rent Summary: I'd have to re-fi & put 20% down in order to have good CoC return (down payment + improvements + agent fee + closing costs), as well as a positive, somewhat plausible cash flow. Also, I'd be moving this property into a LLC.