Paying off a Rental or Primary Res. -- Yay or Nay?

[Ana Marie B.]

Hi BP Fam - The hubby and I have enough money saved to pay off either 1 of our rentals or our primary residence.  Wondering how others might approach this, what makes the most sense, and why.  Below are some data:

1.) Rental 1 (Condo) - $200k left on mortgage w/ a 5% interest rate. Cash flow take home would be $1100/ per mo. (includes PM fees & HOA).

2.) Rental 1 (SFH) - $260k left on mortgage w/ a 5% interest rate. Cash flow take home would be $1,830/ per mo. (includes PM fees).

3.) Primary residence (SFH) - $330k left on mortgage w/ a 3.2% interest rate. Mortgage payments are on a 15% yr. fixed escrow acct. We pay about $3200/mo.

NOTE:  About us, we're pretty conservative in our decision-making and dislike debt.  We're thinking of paying off one of these properties before buying our next rental.  

Thanks in advance for any tips/advice!