Should I stay or should I go now

[Dustin Moon]

So I bought my first house for $605k at 6.4% with a conventional loan 5% down. I pay $4100/mo not including utilities. 1 year appreciation according to all 3 real estate websites zillow, redfin, and realtor.com, my house is worth about $645k.

I've been house hacking by renting out my additional 2 bedrooms to mid term rentals (usually 6mo stays) and brought in about $9k for the first year. Charge about $900/mo per room. 

HOA doesn't allow short term rentals so I've been sticking with mid terms on furnished finder. I have been doing market research in my area. I see that I can charge about $3500/mo for the whole house.

Goal is to move out and find a quieter peace of land and use this house as a rental. Would love to hold for the long term. The area is projected to see growth doubling in the next several years. The issue I'm having is that the house doesn't cashflow unless I pay down the PMI and refinance. Hoping that the rates can stay around 6 or less by next year. If I do that I will most likely have to stay in the house an additional year to raise capital again for my next home.

So the question I'm asking is.. What would you do? Would you stay and put more money into the home so it would cashflow or use the equity built up in the home and find the property you really want?