A summary of what has prompted this question.
Since May of this year, I have had 3 individuals(2 coworkers, 1 supervisor) who decided they didn't like me and wanted me to leave and they initiated a campaign of cold-shouldering me and isolating me from the office. As I wasn't reacting properly to that treatment in August they escalated to having one of them file a complaint against me for bullying and harassment. After a month-long investigation, combined with a full trial in Civil Service System, I was cleared of the bullying and harassment charges and my false accuser was terminated on 11-6-2020. I thought that was the end of it, but on 11-13-20 I was served with an intent to initiate termination of my position on the grounds that while the charges were false I had demonstrated unprofessionalism, inefficiencies, and unreliability over the same time frame (Saying that me fighting the charges caused the issues, very circular logic). After reviewing the charges and realizing that I might win another appeal, but they would just keep coming after me I have decided to agree to resignation in lieu of termination. Protects my professional reputation and I walk away with 6 months of salary as severance.
So I am back in the job market and for my profession of procurement and contract administration, I will have to move to a new area to find a similar job. While our finances are okay because between my DW and my Side gig(not going to be able to grow it to cover the missing income) we can cover all of our current expenses need to live, there won't be any way to save for that early retirement we were working hard to achieve. Glad we had learned to save 50% of our income before this happened.
I'm a planner so my DW and I have been going back and forth on what to do with our home when we eventually move to wherever I find a position so I wanted to ask this awesome forum their opinion on the rent versus sale of our home.
Here is our information, we live in California and the home is a 3bed / 1 bath 1600 square foot home with solar panels newly installed and a large yard.
Market Value: $400,000 (Based on the recent sale of a neighbors home which is smaller and doesn't have solar)
Original Purchase Amount: $150,000
Mortgage Amount: $1,210.46
Interest Rate:3.5%
Mortgage Term:30 year
Term remaining: 29 year 6 months
Amount remaining on mortgage: $227,393.26 (Refinance that closed in June taking cash out for Solar/Roof/add master Bath. Solar/Roof done, bath on hold cash in savings)
Gross Rents: Estimated at $2,300 no pets
Principal and Interest (the P&I of your PITI - should match with the above info): $1,028.31
Taxes and Insurance (the T&I of your PITI): $182.15
HOA costs: None
Deferred maintenance notes: Water heater getting old, was going to replace with bath addition. Carpets need replacing and outside needs to be painted but otherwise in good condition.
So if we move out of the area, do we sell the home and start over, or could we keep it as a rental for additional cash flow while we get up and running in another area once that area is determined upon? My thought is to make it a rental, use the case we have on hand to fix up the few repairs we need before we rent it out, and then enjoy the cash flow, but my plan could be off.
As I said, no immediate need to make a decision, and beyond the severance and current income, we have about $55,000 in liquid assets to use if we need to make a down payment on a new home or security deposit for a rental.
Thank you all for your advice.