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Refinance and rent out or sell condo?

I own a 1BR in DC and am going to grad school in another state next year. I have a VA loan and APR is currently 3.25 but have an offer to drop it to 2.25 if I refinance, only adds a few thousand to mortgage balance. I’d save $200 a month ($2k P&I down to $1.8k) but obviously wouldn’t want to if I’m going to sell it.

I’d like to rent it out but I don’t think it would be cash flow positive. I could probably rent it for $2.3k or so per month, but after factoring in 10% vacancy rate, 10% property management fees, and HOA ($300) I’d be paying $100-300 out of pocket every month. It’s in the “best” neighborhood in DC, and has appreciated ~5% annually since I’ve had it, but not sure what to do.

Since it won’t be cash flow positive is it as simple as “sell”? I’m definitely emotionally attached to it as my first home and can’t tell if I’m talking myself into keeping it or if there’s a good reason to.

submitted by /u/fernway73
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source https://www.reddit.com/r/RealEstate/comments/knh02d/refinance_and_rent_out_or_sell_condo/
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