Turning my million dollar building into more cash flow
Im a young investor - relatively new to the game. I have built up to acquire a 16 unit apt complex worth roughly a million. Here are the numbers
Gross rents - 13200/month 158,400 /yr
Operating costs avg range-82-88k /yr
Net - roughly 67-75k factoring in 2% -5% vacancy range
The mortgage is at 200k at 2% over 10 years so about 24k a year bringing my net down to 43-51k
The building is in MA and I'm currently living in Texas- I'm managing remotely using people for books, repairs and rentals (my net factors in their pay). I have about 80k in stocks and 50k in cash on hand and am renting in Texas.
My question is this: what are my best options in my position to parlay what I have into something more. Should I trade up to a bigger property? Should I leverage it to buy a few smaller fixer uppers in Texas to rent? (Austin area) I feel that with my situation (800k roughly equity- 50k passive cash flow-130k cash) I could be doing much more and generating higher returns. Aggressive ideas, medium risk ideas? Thanks!