To Sell or Not Investment Properties?

[Andy S.]

I wish to have advice on following from members on this forum. I currently own 5 properties as below

Current residence: Bought for $637K, downpayment made-126K, current mortgage balance - 500K

Investment Property1: Bought for 175K, downpayment made - 65K, current mortgage balance - 105K, net rental cash per month after PITI+HOA fee payment = $445

Investment Property2: Bought for 209K, downpayment made - 72K, current mortgage balance - 124K, net rental cash per month after PITI+HOA fee payment = $436

Investment Property3: Bought for 217K, downpayment made - 70K, current mortgage balance - 0, net rental cash per month after PITI+HOA fee payment = $1137

Investment Property4: Bought for 455K, downpayment made - 90K, current mortgage balance - 253K, net rental cash per month after PITI+HOA fee payment = $287

I also have investments in ETFs worth around 250K. They have yielded around 6.5% per year net gain so far.

I was thinking of selling investment 1 and 2. This requires me to pay off mortgage worth 105K+124K = 229K.

If I sell ETFs worth 229K and pay off these 2 properties, I expect to add extra cash flow of $1143 per month (on top of net cash mentioned for each property above).

My question is, does it make sense to go this route? Or should I not payoff mortgages and keep investing in ETFs? What option would be better investment decision and why? I also max out my 401K for me and my wife each year. Together we have around 500K worth 401K invested in target date based mutual funds.

Thanks