Seeking Advice re: Refi

[Tony G.]

Hey Team! 

I'm new to BP and just getting started in REI. My first property was not supposed to be a long term investment. I bought a condo in 2007 as a primary residence. We grew out of the condo and bought a house in 2016, but I was upside down on the condo and decided to rent it out.

My tenant pays $1,123 rent each month. The HOA fees are $379 and I owe $68K on the condo (I bought it for 89K and it's currently worth $65K). I have enough equity in my primary residence to pay off the condo. If I refinance the house and pay off the condo, it would workout to be a 13% ROI.

Currently, I'm just breaking even on the condo. If I pay it off, I'd be carrying one less mortgage which would be beneficial in terms of my primary goal; acquiring my first 4 plex and more from there. 

Tons of brilliant minds here, I'm not looking for a mentor - just some different perspectives on the scenario. Cut bait and pay it off? Or continue to break even and use the equity from my house to put towards the 4 plex?

Many Thanks!

Tony.