Rent out a newly built home?

[Joseph Leonard]

BP community,

I've got kind of an odd ball question I wanted to get some opinions on. My wife and I recently moved from CA to IN (work related move). During the move process we decided to build a new house in IN. As you can image, the price of housing in IN vs CA is much lower and we thought yeah, why not build a new, big house? This of course was before I found BP and read books such as Rich Dad, Poor Dad, etc. I've come to regret the decision to build the big house as we are just two people living in a 5 bedroom 3,000 sq ft house. I've just more than ever started asking myself why?

I own one rental condo in CA and just purchased a rental SFR in Indiana so I do have a bit of land lording experience. My question to the BP community is: would it be wise to rent the above mentioned 5 bedroom newly built house? We do not want to sell it because we don't want to lose money on it. It is in one of the nicest communities in our city and would attract a more affluent tenant. My only worry is for such a large and new house, does it make sense to rent it? It would cash flow by about $300-500/month I believe. Any thoughts are much appreciated.