Am I on the right track?

[Matthew Morgan]

Upon moving to St. Louis last year, I converted my small, one-family home in GA into a rental. Since it's paid off, it brings in about $400.00/mo. in free cash flow. Including renovation costs, I paid $50K for it, and that's about what it's worth now. Should I keep it as my first rental in a portfolio?

I moved to St. Louis last year to marry my wife, who also owns a rental. She recently refinanced the mortgage on it and owes about 60K on a 30-yr. She brings in just enough rent to cover all expenses. A few years ago, she tried to sell it, but with no luck. Should we keep this house as a rental and increase the rent?

Thanks in advance for your suggestions.