Hi - We are moving out of our 2/1 paid for house to a home with mortgage in Oak Cliff, Dallas, a very hot area experiencing gentrification and rapidly climbing real estate prices. The home is a well cared for 1920's house that had some updates but still has quirks of an older home, meaning it will require some maintenance. We are trying to decide whether to rent or sell. We have one other rental home in a suburb of Fort Worth that cash flows nicely. My goal is to leave my current job by next year to get a job related to RE and closer to home. We don't know whether to sell or rent, and if we sell where to put that cash. We are risk averse and debt free. If we rent the house, it will offset our new mortgage quite a bit. If we sell, we could put that cash into our current home and potentially pay off our current rental increasing our cash flow there. We can technically make it on husbands salary with rents coming in while I transition or quit my job, it's just not a ton of money and would require lifestyle adjustments. We are frugal, so while not as comfortable, it could be done. The house we have rented now has long term tenants who are signing up for another year. I have considered trying renting the home in question for a year before deciding. I have a taxing and time consuming job that keeps me away from the house a lot already meaning my husband would have to do some of the maintenance. He gets it and is supportive of me but is not of the investor mindset so he wants to sell. I'm eager to hear any suggestions.
Here are the details:
Home price if listed today: 150K
Mortgage: 0
Potential Rent: 1200 a month
Current Taxes and Ins per month: 338
New taxes insurance when rented: unsure yet
Rental House Balance: 95K
Cash flow per month: 400
New house
Payment incl taxes and ins: 2K
