Will the rent cover your expenses (mortgage, property tax, insurance-mortgage and home, any HOA dues or property management fees)? If it doesn't, you need to determine if you can handle the loss every month. Also, make sure you factor in any vacancies or repair costs. If you are okay with the expenses after factoring in everything, then you need to decide if you can manage being a landlord. Please keep in mind that being a landlord is not for everyone. There is more involved than just collecting the rent and sometimes that may not be easy if you don't have the best tenants.
As far as waiting until the market improves, it could be years before the market improves to where you want to sell. There is also the risk that the market could get worse than it is now and you are forced to sell at that point for financial or personal reasons. It's really hard to predict. You just need to determine if you want to risk playing the market.
I wish you the best!