Analyzing whether to sell or rent out

[Tim O'Brien]

I'm wondering how one would consider cash flow in a cash out refi. Do you use the new mortgage payment for cash flow? my situation; have a house worth ~$290-310k. refinanced and have about 51k in cash out, and a PITI payment of $1,110. I think I can get approx 1,300-1,500 in rent. With maintainance etc. that's not much of a cushion. So do I sell, or rent it out? how do I analyze? Any input or questions for more clarification would be welcome. Thanks!