My personal home Analysis

[Matthew LaStar]

I am thinking of putting my personal home in Woodstock, Ga up for rent rather than selling it. I am having trouble figuring out how to accurately do the analysis. I think I have the swing of the expenses finally, but I am confused about the amount I've invested. Here is the break down I have so far:

Purchased home in 2010 for 144,000 with 5,000 down FHA.

Sell now for 175,000-ish

Or rent for around 1,450 month and refinance to reduce monthly payment.

I currently own 126,400. 

My taxes are around 2100 yr with insurance at around $600.

Is my investment in this property the 17600 difference between the current loan amount and the original value? Do you usually remove the vacancy rate from your calculations for a single family?Can someone help me see if renting it is a good idea or am I better off taking some money from the sell and waiting for another deal?