Rent or Sell?

Hi reddit,

I am very conflicted on whether to sell or rent out my current house. It is causing me a great deal of mental distress and I'm hoping to get some clarity. I recently got a new job in Maryland and am going to move there in two weeks so the tight timeline is adding to the stress.

For background, I bought my current house in Oklahoma City about a year and a half ago for $233,000. I had quite a bit of savings built up and have been able to pay down the mortgage to about $40,000 today.

Looking at comparable sales in the area, it's likely I'd get somewhere between $235,000-$240,000 if I were to sell today.

On the other hand, if I rent it out, the rent would likely be about $1,600/month, and I'd receive about $600/month after taxes, insurance, property management, etc.

On one hand, I am hesitant to sell now because I would be taking a loss on the house after accounting for realtor commissions, closing costs, and other expenses.

On the other hand if I rent it out, I am anxious that the market is going to remain cool, or even drop in the coming years in Oklahoma. Inventory has increased dramatically here since COVID, almost to the same levels as states like Texas and Florida. This means that if the market drops at all, it could be years before I'd be able to recoup my costs on the sale or even turn a profit. This is on top of the inherent risk that poor renters may damage the property values.

Any thoughts are welcome. I need an objective opinion.