Afternoon!
My wife and I (plus 3 kids unders 4) have been in our first home for the last 7 years. It should be paid off next year. I've been debating on renting it out or staying put and buying a different home that would be better suited as a rental. There are currently two home across the street from us that have been bought and are being rented ($1300 and $1375 respectively). However, those homes are also about 600 sq ft smaller than ours.
I figure we could get $1400-1500/month as our home is 2000 sq ft. Our home is a two story with no walk-out basement. I would like to rent to an older person/couple if possible and don't think that would happen very easily given the layout of our current home. I'm considering buying a newer ranch and using that as a rental and keeping our current home.
Any thoughts?