Looking for advice - sell and cash out equity or hold and rent?

[David B.]

Hello- my wife and I are moving to Grand Forks, ND this summer and trying to decide what to do with our primary residence in Saint Paul (SFH, 6BR w/ 2non-conforming, near several universities). I currently have a HELOC on it to make down payment on our next primary, so we don't need to sell. Following are a few details on the property and can provide more if needed. On one hand I want to hold it since we have 3.5% interest rate in a highly desirable area which will continue to appreciate, but on the other hand I think we could leverage the equity into something in Grand Forks and save money by self managing and doing most repairs myself which wouldn't be an option if we held this place. Thanks in advance for any thoughts/advice/opinions.

mortgaged amount: $305K

market value: $450K

monthly rent estimate: $2,800

monthly cashflow estimate: $150