So I’d like some advice on selling my home versus renting it out. I have about 13 years left on mortgage. Balance of about 157,000. My out of pocket monthly on it would be about 1600 which covers subbing out maintenance of the pool as well as premise liability, insurance, interest, taxes,and principal etc. this figure does not include repair costs but it does have updated roof, ac, appliances so not a whole lot that could go bad so not sure how to calculate that estimate. Currently the principal pay down is roughly 750 a month. I think it would rent for about 2000 monthly and sell for about 300,000 in a current sellers market. So do I walk away with equity and buy something with better cash flow or is that good cash flow.. On another note I do have a debt to income ratio that would support another 1500 monthly mortgage payment and I believe with 2 years of renting I could use rental income to support more. So would not tap out my access to conventional money. The home is in a great area citrus park. It has been my primary residence for last 5 years so that would allow me 3 years to sell as non primary to avoid capital gains if I’m correct on that. Just a lot of moving parts so all advice is welcome and thanks in advance. Even if it just pointing me in there right direction on a resource to figure it out myself.
