Selling rental property
I am debating about selling my 70 year old duplex in Los Angeles and buying 2 newer houses in Indianapolis. I owe 324k and after all expenses are paid I average about 7k a year profit (rent is $2,700 a month). The houses I have been looking at, cost between 100-130k and rent for $1100-1250 in Indy, not including management and other expenses. Also I would be able to buy one with cash and probably put more than 60% down on the second property. The only drawback for me is that L.A. has high rents and would be a great property when it does get paid off when I'm 57yo. What do you think?