Hello... and thanks in advance for reading this.
My husband and I own a house in a super hip and trendy neighborhood in Denver. We have had it about 1.5 years. We bought it for $382k at 3.625%. Our monthly payment is about $1750. Our realtor ran comps for us about 6 months ago and estimated it's now worth about $410k, but it all depends on what else is on the market at the time, so that's fuzzy. It is about 1500 sf, 3 beds, 2 baths, accessible to downtown, close to shops and restaurants, a small yard, corner lot, no garage, has nice finishes inside. So a pretty standard nice, single family home in a good neighborhood.
We are getting tired of our commutes and want to move closer to work. We have been casually searching for a house and we'll probably pull the trigger within a year. We were thinking that owning a house in a trendy neighborhood with a low interest rate is a good position to be in, so we are floating the idea of potentially renting out our current house. There's literally nothing else in our neighborhood available for rent on Craigslist, and I see signs that have 2 bed/2 bath houses for rent for $2500, so we thought maybe we'd try for $3000/month. However, we just don't know the answer to the question...
Do people rent out nice single family homes like ours? Is this worth our while at all? Even at $3000/month, would we make any profit?
Thank you kindly in advance for offering your wisdom to our situation! Please let me know if this is a terrible idea.