Is Renting Out This Property Realistic? SFR in San Antonio, TX

[Christopher Lessing]

Hello,

I am kicking around the idea of renting out our current home and buying another SFR to live in. I have a family with small kids so I don't think going into a multifamily will happen. We have only been in this home for 1 year so our equity is basically nothing. This home is in NW San Antonio, TX.

The Numbers:

Built 2007, 1280 SqFt 3/2/2

Original Loan Amount : $167,000 - 08/2018

Outstanding Principal : $164,500

Term and Interest : 4.75% 30 year fixed rate FHA Loan

Mortgage payment with insurance, pmi, taxes : $1345.00

Since buying, we have put in new kitchen appliances, extended the back patio and put a roof over the patio. We plan on renovating the bathrooms and replacing all bedroom carpet with hardwood or faux-hardwood tile.

Even after finishing these updates to the house, I don't think it will have appreciated enough to refinance (thinking BRRR). Other larger homes (2000-2500 sqft) in the neighborhood hood stay around $100-120 /SqFt.

My Question is, if I can rent this out for $1600/month would it be worth the trouble?  we know we don't want to stay here longer than another year. Let me know what you think, I'm open to ideas