Additionally, we have equity of approximately $145,000.Now, we are faced with a dilemma: should we sell our current property and purchase in a more favorable neighborhood, or should we rent the house and let it pay for itself.We would greatly appreciate any advice you may have.

If you think you can manage a mortgage, taxes, insurance and the upkeep of a home while paying your student loans then buying is not  bad idea but if you think you will overstretch yourself renting is nto bad either.

I would be beneficial to determine if they are other aspects of the property that make it a worthwhile investment (tax, appreciation etc). 

No matter the number of units, there is one roof, one property tax bill, one sewer line, one gardener bill, etc. 3.

Have you passed the tax assessment yet, or is this your first year of owning it?

There may be tax implications to that maneuver, so check with a CPA.

- The percentage difference is the percentage the taxes will go up after you buy it.What do you mean by the property has HVAC AND boilers? 

Just throwing a fake example here: a 3/2 SFR in NY vs a 3/2 in OH, MI, IN etc. what are the property taxes?

If I can park the 388k ($415-27k) for one year at CD rate of 4.5% and then est 300k (after paying cap gain/depr recap) at 3.0% (assume CD rates lower) that interest income of about 24 months net of ordinary income tax is about the same as my current mortgage.Trying to play devil's advocate and think why selling this year does not make sense. 

You also don't have to pay state tax on income.