Sell or rent in Jacksonville fl

[Max Biggar]

What up BP! I just bought a vacant lot and am building a house which I will be moving into in 4 months. Need to decide to either sell my current home and use the equity to purchase other rentals or keep it as a rental. My goals are to build a rental portfolio however this will be my first deals so any advice will be helpful. Current home value $400k Amount owed $333k (28years left) PITI $2000/month Will rent for $2500 No major repairs needed. I'm thinking new a/c in about 3-5 years, new roof in maybe 10years. Electric and plumbing are updated with no issues. Do these numbers make sense to hold or should I be looking to use the equity to purchase other properties? Cheers!

[Max Biggar]

Thanks @Tracy D.

An update to this post is that I decided to sell. I got $400k the day after I put up a FSBO sign (looking back, I likely could have gotten more, but happy with my proceeds and no realtor fees). Atlantic Beach is growing fast.

I took the equity and now have another property under contract, my first rental so I hope it works out. 

Purchase price $83k, down payment and closing costs of $30k, current renter in place paying $1050/mo. PITI ~$500. After other expenses (vacacy, repairs, etc..) I'm hoping for cash flow of ~$250/mo