Hello, I'm new to this site and new to investing.
I'm currently attempting to rent my home in an effort to decrease spending significantly, raise capital for more real estate investments, and of course allow the current home I own to serve as an investment. Here's the facts on the property:
Appraised at 188k (SFH 2000 sq ft 2 level)
I did a refi, refinancing 146k
Mortgage with taxes and insurance about 860/mo not including 65/mo HOA
Spent about 1500 to clean, do carpets, repaint were needed
House is listed for rent at 1250 (dropped from 1275), has been on the market 19 days
paid October mortgage
Using a worksheet from a textbook I read, I'm hovering around %80/mo cash flow after icludng all costs from the mortgage, insurance, tax, property mgt, reserves etc. but with every passing day that number decreases
There are homes similar to mine now appearing on the market at the same price or lower despite being the same size or even larger.
Should I sell, take the cash and save toward another or continue holding out? I really want to rent it and even if it stays vacant long enough to just break even, I feel like it'd be worth it long term since I didn't have to fork over a large amount of cash up front being that I occupied this home. Any input greatly appreciated, thanks!