Sell it or rent it?

[Matthew Carlson]

I have out grown my current home, a townhouse in Blaine, MN I have been thinking of renting instead of selling, it seams to be an easy option to get my feet wet in landlording and renting. I owe 129K and could walk away with 30k if i sold it. I believe it would rent for 1550/month and HOA fees are 220/ month. Mortgage payments should be around 950/month in November when I'm eligible to get MIP removed. Giving these numbers and factoring in 200/month for extra costs leaves a cash flow of 180/month which is only a 7% return which isn't very good. Any thoughts?