Pay of loan or purchase a legal 3 family building

[Leo F.]

Would love to hear some feedback on my scenario. I have a $150k that i have committed to my RE investments. I currently own over a dozen SFR in Long Island NY about 15 mile east of NYC. Things are VERY EXPENSIVE in my market, and I'm sure most of you will suggest I take that money and invest out of state (would love to but but still don't have the nerve)..I am buiilder/developer in Long Island so all my work is in the area which makes thing easier and efficient for me to manage.

Anyway this is my "dilemma", do i pay off 1 loan on a SFR i have in the amount of $150k therefore having one less mortgage in my name and increasing my net rent for that property by $950 per month? Currently its generating $615 per month and the loan amount is $950. Yes SFR in Long Island rent for big #s, this 1100 sqft property rents for $2700 per month!

Or do i purchase a legal 3 family building in same area for $550k  putting down the $150k and finance $400k? This building would then generate me a positive cash flow in the amount of approximately $1500 per month, so essentially my net cash flow per month is increased by $550 per month.  

Thanks,

Leo