Sell or rent in Ballard, Seattle?

[Darren D.]

We purchased our home (2 bd 1 bath, 3-story [including functioning basement] and detached walk-in only garage) in 2013 at $353K in a very desirable neighborhood in Ballard, just blocks away from Ballard Ave. We're relocating and I'm having a difficult time deciding if we should rent out or sell now. We're locked in a 3.5% 30-year loan and pay around $2200 per month. I believe we could rent our home for around $3200 per month in the current market. Similar homes are going for more than 700K currently.

Would it make sense to sell now or hold onto for a few years for a better ROI? We would most likely use a property management company since we'd be living out of state, making it easier for us, but more costly to rent and maintain ourselves.

Any advice would be greatly appreciated!