Primary Residence Evaluation

[Ben Unger]

I bought a primary residence for around market value (1st mistake) and have been living in the home for a little over a year. My company decided to move an hour and a half away this year, and now I am stuck with the decision to sell or lease out my home. It in a highly sought after neighborhood with great schools. One of the lowest priced houses in the neighborhood and good location. This would be my 1st rental. Should I lease it out or cut my losses/sell and look for an actual deal closer to work? Details of the home:

Purchase: $194,500

Year Built: 2008

Rehab: $5,000

ARV: $205,000

Market Rent: $1,600

Mortgage Principal/Interest: $780.43/month

Prop tax& insurance: $476.90/moth

HOA: $58.33/month

Flood Insurance: $34.58/month

Total expenses (above): $1360.25

This would only barely cover primary expenses (cash outlay: $239.75) and does not account capex, maintenance, pm, ect.

Is it worth the effort to have go through with it as a starter rental, if I manage myself?

Thanks!