Paying Down PMI vs. Buying More Property

[Art Maydan]

Hey everybody, I'm currently house hacking a duplex and $300 of my $1,800 mortgage payment is PMI. I could increase payments until I have 20% equity before putting money toward another property. Or I could keep making the minimum payments and save for the next property more quickly.

$300 a month = $3,600/year = 1.3% of purchase price ($270K).

Could someone help me figure out the break-even on this? Does this mean I need to find a deal that is at least the 1.3% rule? That doesn't factor in the other benefits of real estate ownership. My gut tells me to keep paying the minimum and buy more property, but I would appreciate some help quantifying it. 

Thanks,

Art