Deciding between renting and selling
Purchase Price: 110,000
Balance: 85,000
Monthly Mortgage/Taxes :1,090 (220ish to principal each month)
Neighborhood Comps: 220k
Interest Rate: 4.25%
I own a 3 bedroom one bath single family home in the Central New York area. Decent school district, decent fenced in yard. I've recently moved into my girlfriends house and am trying to decide on what to do with my house. I'm leaning toward renting it out, but I'd like to have this be a pretty passive income stream. So even though I'm handy, I'm likely going to go the route of hiring a property management company if I do decide to rent.
I feel like a reasonable rent for my house would be around 2,200 per month. Any repairs I do to the house would be minor prior to renting it out, likely adding some insulation to my attic or checking the airflow up there (Ice dams started for form at the end of the winter) and resealing the tub which is functional, but ugly. I think the expectation is that property values will continue to climb in the area because it is within a 15 minute drive of the new Micron plant being built in the area.
In my head it kind of feels like a no brainer to rent it out and just throw the profits into the SP500 or something, which is likely what I would do with the profits from selling the house, but I'm just looking for some perspective from those who have gone into this with a single property without plans of accumulating more property. Any input would be greatly appreciated.