Should I rent or sell my condo?

[Justin Schmid]

I am considering my first real estate investment and need guidance!

I live in a 4 bed 3 bath newly renovated condo in the lakewoods village area of white bear lake mn. I am trying to decide if i should rent or sell my condo when i purchase a home this fall. This would be my first real estate investment and I would like to do more in the future (while keeping my current job). My biggest problem has been finding the fair market rent as there are no good comps in my area. Additionally, i have no idea what expenses to expect beyond placement, legal, and repairs (similar to current repair cost or more?).

Here are the financials:

$275,000 appraisal (I owe $198,000)

$1,100 mortgage plus escrow (3.0% interest)

$150 HOA monthly

$1,000 yearly HOA insurance fee

I can only put 7% down on my new home out of pocket and would incur a $275 per month PMI if I do not sell. Additionally, $300 per month greater mortgage payments. If I do sell, i would have over 20%.

Additionally, i know I would pay tax on capital gains (currently $50,000) if i do not sell now.

Should I rent? What cash flow could I expect?

Thank you so much for your help!!