We have lived in our beautiful home for 23 years. Raised our children here, and the youngest is headed off to school. I'd like to downsize to something smaller and closer to my work (current commute 2 hrs per day) . I would want to rent something cheap for now, not ready to buy.
About the house: it's 3000 sf 2 story 4br, 2.5 bath, 2 car detached garage, built by my husband (retired carpenter) . Beautiful trim and custom cabinetry. It will need paint and carpet or tile, kitchen and baths will need new countertops, cabinets need paint. Eventually we'll need a new roof. Downstairs ac will be about $3000 to replace, (we know a guy) . Those are the main things.
Numbers: House is paid off. Taxes ~$5500 annually, hoa dues $500, homeowners insurance ~200 monthly, although with renters we might need to raise this. I will need to take out a loan for most of this updating. Similar area houses are renting for $2000 to $2300. To be conservative, I'm not counting on more than 2k per month. Right now the kids have to rely mostly on grants, loans, scholarships and part time work to pay for school. I'd like to be able to help a little, as well as putting away for retirement (no FIRE here, I'm already 60). So figuring on ~$1000 per month income.
If we sold as is, I think it would sell for ~$200,000 and let the buyer do the updates. Putting that money away for retirement (in 10 yrs) would have more risk and not net us as much as renting, I don't think.
It's a little overwhelming thinking about getting the house sorted through, packed up, moving and then dealing with renting it out. Looking for input and suggestions.