Sell or Rent? Moving Up!

[Andrew David]

Having a difficult time determining what the best play is here.  

Currently own a home, no motgage, just a small private loan. The loan is 536 per month. Property taxes are $333 per month. Essentially, $869 per month in expenses. The house is a 3BD 2BA. The house would rent in my market for about $1,400-$1,500 per month. 

If I sell, I think I can get 30-50K profit, I've only owned the home for three years. As a primary residence, the profits would be tax exempt. 

We found a property we would like to move to. The purchase price is $240,000. I have the money for the down payment and renovations without the sale of the current home.  

Should I sell or rent the current property?  I currently owne a duplex that cash flows roughly $600 per month, so I'm thinking about adding it to the portfiloio?

Anyone have experience with this model? Tips/advice wanted!

Thanks!