@Michael M., I am sorry to give you this advice as so far no one has given you a complete picture of what you are up against.
Before I give you this advice, let me qualify myself so you can judge if my advice is even worth taking.
I am neither a real estate agent or a lender OR a property manager for money.
However, I am an investor with 20 units I own and I manage another 6 for my kids! I manage 26 units in total. I have been doing this since 2003. Yes that is 21 years doing this and I have seen it
all when it comes to property management.
Most of my units are 2 bedrooms (900-1000 sq ft) and most of my rents hover between $1500-$1900 per unit. Big difference from a 5 bedroom 3000 sq ft house.
Here are the cons to renting out your home.
1. Out of state and no experience with rentals............SETUP for DISASTER.
2. Property is built for OWNERS not RENTERS. Large home 5 bedrooms!!!! Lots to tear UP! I have a few 3 bedroom duplexes and they give me the biggest headaches. Most families are smaller these days, extra bedrooms are an invitation to get UNAUTHORIZED people living in your home. Life is tough, but it is tougher for renters and the people they associate with. There will be a time that they will invite others to join them (help pay rent) or take in people hard on their luck to house them. All that does not spell good news for the owner.
3. Property Manager.......no disrespect to the PMs on this sight, but to put it kindly you won't find any PM that will do a better job than yourself and probably dislike after you hire one. Yes there are a few out there but to find them is like a needle in a haystack.
4. Fees that a property manager quotes you are not what you will experience. 8-10% fee is not all the total fees they charge. Every new tenant they acquire you will pay a half month to full month of rent in addition to your management fee. Many PMs charge that on a tenant renewal as well. My vacancy when I used a property manager far exceeded the time it took me to find a client. But with no experience and moving out of state you are locked in to using a PM.
5. Rental market. Here is some good news......Since 2003 I have never lowered rents! Amazing! But my rents have averaged from $725-850 early on; and now average $1500-1900. However, I am renting to lower income people and when they lose their job there are plenty of renters to choose from. However, here is the bad news. When $3000 tenants lose their job due to layoffs it will be VERY hard to replace them, especially at the same rental rate since everyone will be looking for lower mortgage/rents. It is far easier to find two $1500 renters than one $3000 renter.
6. Your vacancy rate, and your maintenance cost will be higher. Renters do not care about the yard. All of my duplex's yards go brown in the summer.......All of them. Renters will not pay for watering the lawn or Plants!!!! Your curb appeal on your house will decline and if you live in an HOA be ready to get some complaints.
7. Pets.......yes pets. 70% of renters have pets. Some disclosed and many non-disclosed pets. Pets, both cats and dogs leave their marks, smell and scratches!!!! If you can't be a hands on landlord you will have issues!!!! Any carpet in your house will be destroyed within two tenants. The nice thing about duplexes, they are only about 1000 sq ft. Mine do not have any carpet. My go-to-flooring was tile, but now luxury vinyl.
8. Renters do not change out air filters! Yes, the do not! Your air ducts and ceiling fans will be full of lint. Cat and dog hair is not your AC friend.
I know it is easier to just rent out your house and Hope For the Best. Don't take the easy way. Take a loss if needed and move on. If you were an investor ask yourself this one question:
Would I buy this house to rent out from the start. If the answer is no then don't do it now. Yes this is not what you wanted in home ownership, but don't let a tough situation become a disaster.
Take emotion out of the decision and point out the areas that my logic is off base.
I wish the best for you.
