[Calc Review] CoC ROI - 54%?

[Tashina Taylor]

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*This link comes directly from our calculators, based on information input by the member who posted.

So this is an assessment of the house I currently live in. We've had some CRAZY appreciation in prices from the pandemic and people wanting to move to more rural areas. I am stuck between wanting to sell it and be done with it and never forgive myself for selling real property (lol) and using the money to pay off my consumer debt that I've racked up from losing my job in April due to COVID, or attempting to get it refinanced based on potential rental earnings if I can convince a bank to let me do that without a real job. We have a house to move into, so doing either one is viable but I am looking at the numbers and trying to decide which is better overall. One is a quick payoff of debt which is a heavy load on a jobless person going to grad school for the next two years. The other is a gradual payoff if I can swing making minimum payments on my cards I used to fix up the house and deal with it until I get a job again, using the extra $500 towards debt payoff and maybe doing some Door Dashing on my time off.

Anyways, I currently owe $187k on it. I bought it for $189k two years ago, and it has since appreciated to $240k+. I can refi and get out of PMI at this point. Insurance just paid for a new roof and new paint on the house (it's like a totally different house!) and I paid for a new water heater out of pocket. Contractors are currently retiling and painting the bathrooms and I think I'll be out about 5k from that. Overall 12k max if I decide to put better countertops and a new fridge. I've been fixing it up to sell in general and realized I may be able to ask for a very good rental price because of that.

I am basing the rent on what's available in the neighborhood. There is a townhouse that is smaller than this one that is asking $1700/month. There is a VERY fancy house that is 300 sqft bigger than this one that is asking $2000/month. I figure $1800 would be a safe number to ask for. I would ask $2k/month if they wanted to bring in dogs. Pet rent ftw! Rental inventory in this town is low, let alone rentals that allow big dogs. Because of this, I feel like I could guarantee the rental asking price. 

What are your thoughts?