Help Analyzing a Deal: My Own Residence

[Todd Solberg]

Hi! I am a home owner who has been wanting to get into the rental investing for a couple of years. I am building a new home in the Rochester, MN area and thought about renting out my current home. I am walking through my spreadsheet and have a few questions/concerns:

1. Is my "purchase price" what I owe on the property or what market price is currently?

2. I have a 15 year loan (with 14 left) which would make my cash flow negative. If I do a 30 year it would  cf 160/month. Although I am support a buy and hold strategy, 30 years seems a long time to pay off a property and would like to keep it shorter if able. Is this too aggressive? Thoughts?

3. What income would a renter need to afford a 1300/month property? 1300 / 40 hours per week = 32.50 per hour? Assuming 25% of income should go to housing. Is this correct?

4. I will attach my spreadsheet and please give some feedback if able. 

5. House three doors down sold for 180,000 a few weeks ago, do I sell and take the win?

Thank you for your help!