They say hindsight is 20/20, and it is true. If you are reading this you are considering what rent your property can bring, right? Good.
Let me share a story with you, my first house was very affordable and unique 3/2 patio home. It had a small monthly HOA fee, which included a community pool, cable television, lawn service and they maintained the sprinkler system. We lived in it for about 6 years, paid down the mortgage by about 30% of the market value. We wanted to move to a larger home close by, but I really did not consider keeping the house as a rental. The market really did not appreciate much in the 6 years we owned it. My only thought was we needed to sale this house to use the proceeds to purchase the next home.
Here is where the hindsight comes in, we could have put a HELOC in second position to pull cash from the house, and use it to purchase the next one. We could have showed a rental agreement to make the mortgage company for the new home happy. This house would have made a great rental. So, when I look at the market value on that home it has appreciated by 250% above what we paid for it. So the moral of the story is to consider all options carefully before selling your house.