what should I do

Hi Guys;

I have one house bought at $195,000 with mortgage $125,000. The property tax is $5500 each year and insurance is $1100. The maintainance is around $100 per month ( inclusing the mowering the grass etc. ). Now we have to move out of the state.We have couple of options:

1) Sell the house at $195,000 and take a loss around $12000 ( for agent fees).

2) rent for $1600 and hire a property manager.

we also currently have 9 years left in mortgage payment. Should we refinance to 30 years to get the maximum cash flow if we are going to rent the house out?

 

Thank you