Sell or Rent Primary Residence? (SLO - California)

[Travis M.]

Hello,

We paid 485k for our home in 2010. After a recent refinance it was appraised at 550k. We owe 377k @ 3.25% fixed. Our PITI is 2100/mo. PI is 1700/mo.

A home identical to ours a block away is listed on the market to rent at $3900/mo.

We want to obtain a rental property and were thinking about purchasing a new primary residence and renting out our current house. Based on the above, and assuming a similar rental income as above does this make sense on a ROI basis?