I’ve got the age old question of whether we should sell our townhome or keep it and make it our first rental.This is my first post on BiggerPockets so please let me know if I have left out any information that may be helpful in the analysis.Single Family TownhomeBuilt: 2001Purchase Date: 2008Purchase Price: $270,000Property Tax: $5700/yearHOA: $125/monthWater/Sewer: $1320/year (Must be paid to county by home owner)Insurance: $800/yearMaintenance Costs: $400/year Other planned future costs: Roof (in about 5 years, ~$5000), water heater (in 7 years, ~$1300 including labor), water softener (in 5 years, $500)Current Mortgage (Refinanced in 2012)Term: 15Rate: 3.375%Principal: $140,000Market Value: $230,000 (Upstate NY market with minimal appreciation expected)Rental: $2000/month ($2200 possible but I want to be conservative)I was also considering refinancing to a 30 year mortgage to help with cash flow but I’m not sure if it is worth the $4000-5000 in closing costs to refinance.Normally I would not consider this a good rental property because of the low/negative cash flow.

This number does not include other returns like appreciation, principal payments by tenants and tax write offs.

For example, if default loan amount is 100K, how much will the legal fee also include any cost generate by this?

We would really need to know your full financial picture including interest rates to advise properly.You may want to consider asking here for an alternate viewpoint: https://www.reddit.com/r/personalfinance

I've not pulled the trigger as yet myself, as I have no idea if rehab project management is included.

The debt includes student loans and car payments of both me and my husband.

My cousin has worked in the business for about 25 years, and being an only child, he is the sole beneficiary of their will, including the business and personal assets.  

That does not include your brokerage fees as they are dependant on who you elect to affiliate with.While it takes about $1500 to obtain your license Real Estate, it is relatively one of the cheapest occupations in terms of start-up costs. 

My profile includes a little more info, so stop by and say hello.ThanksPhil

., not including the value of the land - you may need to allocate the total purchase price for the property if the purchase price of the building alone is not separately provided).