Sell or Rent our Condo when we move?

[Christopher Stack]

Hello all. My wife and I are educating ourselves about possibly doing real estate investing as a diversification tool for our financial portfolio. One of the things that we have discussed is using our current primary residence (a condo) as a "test drive" for investing in rental properties in the future. 

The issue is this: after using the 4 square method here on BP it appears that we will likely be around break even. I ran a few other assumptions and options to make it "cash flow positive" but I am not sure I am actually analyzing the situation correctly from a mathematical standpoint. Thus, at this point in time, we are trying to future plan for our next home in the next few years. Do we hold our current property and rent it out or do we sell it?

Property Details

Current Mortgage Balance: $113k

Current Estimated Home Value: $180k

Years Bought: 2013

Interest: 30-year fixed 3.99% (No PMI using special loan program for just 15% down)

Analysis:

Income	Current	Lump $50k Principal Payment	Paid Off Mortgage
Rental Income	$ 1,500.00	$ 1,500.00	$ 1,500.00
Laundry Income	$ -	$ -	$ -
Storage Income	$ -	$ -	$ -
Miscellaneous Income	$ -	$ -	$ -
TOTAL Monthly Income	$ 1,500.00	$ 1,500.00	$ 1,500.00
Expenses
Water/Sewer	$ -	$ -	$ -
Garbage	$ -	$ -	$ -
Electric	$ -	$ -	$ -
Gas	$ -	$ -	$ -
HOA	$ 240.00	$ 240.00	$ 240.00
Lawn/Snow	$ -	$ -	$ -
Vacancy	$ 150.00	$ 150.00	$ 150.00
Repairs	$ 15.00	$ 15.00	$ 15.00
CapEx (Replacing Things)	$ 125.00	$ 125.00	$ 125.00
Property Management	$ 150.00	$ 150.00	$ 150.00
PITI	$ 778.67	$ 475.15	$ 180.00
Other Expenses	$ -	$ -	$ -
Total Monthly Expenses	$ 1,458.67	$ 1,155.15	$ 860.00
Cash Flow
Total Monthly Income	$ 1,500.00	$ 1,500.00	$ 1,500.00
Total Monthly Expenses	$ 1,458.67	$ 1,155.15	$ 860.00
Total Monthly Cash Flow	$ 41.33	$ 344.85	$ 640.00
Total Annual Cash Flow	$ 495.96	$ 4,138.20	$ 7,680.00
Cash on Cash Return
Down Payment	$ 30,000.00	$ 30,000.00	$ 30,000.00
Closing Costs	$ 2,000.00	$ 2,000.00	$ 2,000.00
Addition Lump Principal Payment	$ -	$ 50,000.00	$ 115,000.00
Miscellaneous Initial Costs	$ 3,000.00	$ 3,000.00	$ 3,000.00
Total Investment	$ 35,000.00	$ 85,000.00	$ 150,000.00
Cash on Cash Return	1%	5%	5%

Any helpful insight and/or constructive criticism on the math and assumptions on this analysis would be greatly appreciated. We have never run an analysis like this, so I am sure I may be making mistakes. 

Thank you!