Moving across the country - should I sell?

[Andrew G.]

Moving across the country for a 2-year graduate program with a $120K total cost of attendance over 2 years (includes room & board) after scholarships.

I own a 3b/2.5ba townhouse in Los Angeles (Culver City area) that can rent for ~3500 monthly, perhaps a bit more. My PITI is $3100 and HOA fees (incl assessments) come out to 450/mo. Currently two of the bedrooms are occupied by tenants and I occupy the third.

Mortgage balance is $515k, bought for 615k in 2014 and would probably appraise for 820k now. Rate is 3.5% fixed.

Should have 80-90k in the bank at time of moving. Will also have a 100k heloc (0 balance) available plus 20k in unsubsidized Stafford loans available per year, along with other student loan options.

I could choose to manage remotely, hire a property manager, or sell. Seems like managing remotely has the highest present value assuming a 3% appreciation and escalating the rent and expenses at similar rates.

I'd love to be able to keep this place as a 20+ year investment that will appreciate (especially given the low interest rate and pain of paying agent commissions), but want to be objective.

My soon-to-be fiance (~$80k gross salary) is moving with me and can help absorb some negative cashflow but for discussion's sake I'd like to assume most of the school expenses won't be funded by her.

Thoughts?