Have the opportunity to move in with fiances parents to clear out all student loans, but I own a home in high-demand, hot spot in Philly… Should I rent it or sell it?

Hey everyone… My fiances parents offered to let her and I move in with them and live expense free so we could focus on paying off all remaining student loan debt, however I own a home and am conflicted on if I should sell it or rent it out… I'm leaning towards renting it through a rental management company, but would like to hear some outside perspectives.

For context of our situation… I'm 27 and make 75k base salary with about 6k-10k annual bonus… My fiance is 25 and makes 51k. I have 18k left in student loan debt at 4.75% interest and she has 64k at 5.5% interest… we also have an auto loan with 16k at 0% interest.

We are currently childless, but plan on having multiple later in life and having this opportunity to live cost-free and focus on clearing our debt out is too good to pass up considering how much it would help us get ahead in life.

One thing I'm conflicted over is what I should do with my home I own in Philly…

I bought it two years ago for 200k and have 186k at 4.25% remaining on the mortgage. The total monthly payment including property taxes and homeowners insurance is $1050.

The area I bought in is very ideal, is within 2 miles of our business, university, and center city districts, and is rapidly gentrifying with major gains in appreciation.

All the lots are the same size on my block and all the homes have very similar square footage and layout… in the past few months several homes that are comparable to mine sold for 225k-240k. The area is about 5 years away from peak gentrificaiton and home values, in my opinion and I think it could easily be worth 260k in 5 years.

I found a rental property management company in my area that charges a flat $100 per month and 1 month rent for tenant placement. They'd handle all listing, leasing, tenant communication, maintenance, etc… They gave me a quote that they'd recommend listing my place for $1,600 which I'm perfectly fine with because thats going to give me profit which will help pay down our debts faster.

Living with my fiances parents is a temporary things… maybe 2 years tops. I think it'd be a smart idea to rent out the place during that time, build equity from their rental payments, let the property appreciate and have a home waiting for us after we move out of her parents.

To me, it sounds like renting is a good idea, but I have never done anything landlord-related in my life so I'm a bit clueless if I'm looking at this too simply and being naive.

Can anyone here weigh in and offer their opinion on if my thoughts are on point or if I'm not seeing certain parts of the renting process?

Any help is appreciated


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