Moving to new house, rent or sell my home

[Ray Kim]

We bought a home 10 years ago for $370K and now it's worth $750K. I just refinanced with a cash out so my loan is for $300K @2.75% with $200k cash. We decided we are moving in the summer and plan to use the $200k as down payment on the new house. The new house is in the same state, but over an hour away. 

My dilemma is if I should rent or sell my first home. I'm leaning towards renting it, but if I sell I could take about $450k profit to add as down payment for the new house or use it for some other investment. I could possibly split that profit to do both. 

If I decide to rent I I think I could get $2700 for rent and my mortgage payment is $1950 including tax and insurance. Not sure if I'll use a property manager, but if I do that would be 10% per month. This would be my first investment property. Any thoughts?