Rent, sell, or stay in current home

Hi everyone! I currently live in a small duplex home (one half) and my mortgage and taxes included is about $300/month. After utilities, it costs me about $500/month or less to live here.
My question is: should I rent this place out for $900/$1000 each month and buy another duplex home to live in?
I’ve always wanted to get extra income as my career path has not really allowed me to exceed 6 figures. I make from $60-$80k each year and I’m comfortable/like my job. (I want to make more from different sources and perhaps start a business one day; I think about this almost daily but haven’t been able to make it happen).
I feel like the extra income might not be worth the hassle. I would actually have less budgeted income if I purchased another house to live in with another mortgage. At least until I pay off the mortgage, which would take me 10 years or more using all my savings and income to do so.
My goal was to set myself up financially to enjoy my hobbies and live comfortably. I’d like to live in a 2-3 bedroom home on a few acres with a nice garage and be able to afford to enjoy my hobbies still.
What do you guys think?
Should I rent, stay, or sell?
Is my next move another investment property, or should I just go right to my goal house and start paying that off? I’m 29 years old, so a 30-year mortgage will put me past my retirement goal of 55. It’s tough, and I know the decisions I make now will directly affect my ability to live well for the rest of my life. I’ve done well for myself thus far coming up on my own.
All advice appreciated! Thanks.

You make 60 to 80k a year, pay 500 a month to live, and you can’t afford to save money to buy another property? Something isn’t making sense…

Kennedy said:
You make 60 to 80k a year, pay 500 a month to live, and you can’t afford to save money to buy another property? Something isn’t making sense…

I can afford to do so, and I’ve been saving money. I have a down payment ready, but I’m not sure what my next steps are. Meanwhile, I will keep saving. If I buy another house, I will have less income to save as it will be budgeted for the mortgage instead. I’ll be upgrading my home slightly, but I’m weighing out if it’s worth it and wondering how to proceed next.

@Keller
Without knowing more details, I would keep saving until you don’t need a mortgage payment. How much equity do you have? I’m with the don’t rent it crowd. Things break and people suck.

If you want the house in the country, check out what’s available and if you can qualify, then sell your duplex and live your life. Most people don’t buy their forever home at 29; I know we worked our way up to our forever home.

Depending on where you live, your budget for another property is not very big.

Your current living expenses are so low you should be saving money unless these hobbies are eating it up. In that case, moving isn’t going to help.

Do you need the extra income? If something were to happen as a landlord (no tenant for a few months, tenant doesn’t pay, need to replace AC), do you have the money to cover it? If no, then don’t. One bad thing will turn into a nightmare.

OP, another property will come with expenses. If there is no need to move, stay where you are and keep saving and investing!

If you’re on a low interest rate, I’d quit trying to pay off the house and pile that extra into index funds. Your cost of living is insanely low and gives you the ability to invest a ton of your income, so do it.

$2500 per month would give you over $2 million by the time you’re 55.

Being a landlord is a bad investment.

Nico said:
Being a landlord is a bad investment.

I’ve been told this by others.