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[quote=Anonymous]OP, we did something very similar last year except the property was in VA. Breakdown was as follows:

Mortgage remaining: $140k 
Home value: $450k 
Monthly PITI & condo fees: $1400
Rent: $2600
HHI: $170K

Theoretically this nets us over $14K/year in income, which is pretty much a 5% return on the $280K of so equity that we have. The property is in a great location and increased about 8% in value this year. But our stock investments returned close to 20% this year, and we didn't get the full profit from our rental because we had to spend about $4k in special assessments (it's a condo) for building repair.

So I wouldn't call it a financial win. However, we have about $500K invested in the stock market outside of our retirement plans, so we felt comfortable diversifying in this way. I wouldn't do it otherwise, and I especially wouldn't do it if I didn't already have at least 20% in cash savings to put down on the new home. It's expensive to maintain two properties.

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