How to analyze an owner condo conversion to rental

[Ronald Valverde]

Hi all. 

I'm new to the forums and starting to dip my toes in Landlording this year.

How should I analyze my live in condo owned for 9 years. I feel it should be calculated differently from a new investment? I'd like to obtain pure cash flow and cash on cash. I've plugged in the numbers into calculators but it doesn't seem right. Appreciate detailed calculations and clarifications on if/how this is calculated different from a new deal. Posting all the info I can remember. Let me know if need more.

Location: Secaucus NJ

2 bed 2 bath with balcony on high floor. 1396 sf.

Paid $284k with 20% down and approximately $13k in closing, including 2 months maintenance fees $1470 total, and mortgage broker fees approx $3k. Mortgage 15/1 arm at $3.375% with max 4% interest increase due 15 years from July 2015 (Aug 1, 2030).

Current condo monthly maintenance fee : $1036 includes water, amenities (pool, tennis court, concierge, gym, sauna, community room with pool and ping pong, maintenance)

Current monthly mortgage payment: $499 interest, $504 principal 

Monthly taxes and insurance: $459 

monthly contents insurance: $38

Past Assessments: $11k for building HVAC upgrades $8k for building updates and building reserves

current market value $400k - $425k

current  monthly rental median: $3100-$3200

monthly landlord insurance: $45

I'm also trying to decide if I should rent or sell and invest elsewhere.

Appreciate all insights.

-RV