Before listing it, I had lots of expenses, including painting, floor refinishing, plumbing repairs, staging, cleaning, etc.In a 1031 exchange, I purchased two small multifamily homes which also have some roof work, painting, plumbing, etc. 

Could be a new roof, HVAC system, or new kitchen along the way (all of which could certainly add equity to the home irrespective of the year it was built).  

Get a list of recent inspections and permits to make sure the new roof and such were done right.Check with police if any reports for the property.What's included in the seller's expenses?

Figure that out and you'll have a roof over your head that pays for itself while you accelerate savings and repeat in 1-2 years.

things missing in your list (everyone manages differently, so take it with a grain of salt)Vacancy rateTurn overbad debt legal fees (evictions as needed)accounting fees for professional tax prepmaintenanceProperty TaxesSales Tax on PM fees (In NM, this is charged, not sure about where you are)Reserves for replacement CAPEX - furnace, water heaters, ac, roof, parking lot, etc.Admin, software, advertising, etc.Cost segregation study for accelerated depreciation captureAs for your loan. 

Roof is 30 yrs old but structural and foundation is in good conditions and everything else is intact.

Some carriers offer loss assessment insurance, which can come into play when the HOA experiences a large covered insurance loss, such as a hail storm requiring roof replacement or a fire requiring building replacement.  

You’ll also pay transaction fees disposing the asset, likely in the $40k+ range.I don’t think you have a clear-cut answer here, but you’ll need to rack up all the financial trade-offs to make an informed decision.

Consistent with the advice of @Jo Bradley , if I could get through the first couple years financially, keeping current home seems a lot easier than long distance investing...and at least I know what is wrong with my current home (I.e it will eventually need new roof etc). 

It's much easier to rack up  material hours if you are nearby and able to take on some of the timely hands-on work yourself.I imagine that others have tried to do this while OOS investing but I couldn't speak to their success (or lack thereof)