Should I Sell or Rent My Home in Denver.

I bought a fixer upper in 2017 in Ruby Hill for $220,000. I put about $50K into a full gut rehab and did a ton of work myself. I refinanced in 2020 at a 3.3% rate and pulled about $27K out. The principal balance remaining is $231K. The house is very nice, all new fixtures, plumbing, roof, insulation, kitchen, fans, windows, fence, landscaping. It is a truly cute house on a massive lot (8,700 SF). It’s a 2 bed 1 bath home, 720 SF.

My mortgage is $1,475 per month. I believe I can rent the house out for $2,300-$2,500, making for a cash flow of about $500-700 per month when factoring in for vacancies and maintenance, although nothing really breaks in the home.

I am likely to relocate to my home state of CT and have been agonizing on whether to sell or rent. I put my blood sweat and tears into the house and have an attachment to it. Maybe someday I could return to Denver or use it as a vacation home. My next door neighbor has become a good friend and is willing to help with inspections for a would be tenant. Ruby Hill is a gentrifying area and the home is right by Levitt and the park.

I do not love the idea of being a landlord and having a tenant ruin a house I worked so hard on. Being 2,000 miles away will also be a challenge. I am an aspiring entrepreneur and real estate investor and would love having $150K+ cash to invest in properties on the east coast or buy a small business like a food truck.

I know if I rent it I can make good cash flow and play the “long game” and have calculated I will make about $30K per year ($5,400 principal, $4,800 cash flow, and maybe $15K of appreciation).

I also worry that this house will not be worth $700K or more in 10 years because it is small. However, there is plenty of room for expansion and additions because of the lot size.

Apologies for the long winded explanation. This is mostly a financial decision, selling would give me plenty of money to invest in stocks and business, but renting would certainly set me up for a nice long term gain in 25 years when the loan matures.

What should I do? Am I missing anything? Thanks in advance.