Renting Owned Home to Rent Apartment

I own a home. I pay a $1204 mortgage at 3.1% interest. It’s in the suburbs and I would love to move closer to downtown. The same floor plan as my house currently rents for $2200 in my neighborhood. Would it be stupid of me to rent out my current home for $2200 and move into an apartment for $1400? Essentially lowering my monthly housing from $1204 to around $200? Is the risk or hidden costs too high?

Edit: Math was off. It would be around $400 if I did a rental of $1400.

After all the input I am now considering buying a condo/townhome in the area I want to live and putting any extra cash flow from the rental property into a second mortgage.