Help doing this math please

[Alicia C.]

Hello! I need some help sorting this out in my head. We have a LTR that was our primary home. Purchased in 2007. Bought for $220,000. Currently owe $100,000. Rents for $2100/month. Mortgage is a 15 or 20 year (I can't remember) so it's higher than usual. Therefore the rent barely covers the PITI by $200/month. Current market value for the house is about $265,000.

Option 1:  sell soon, make about $150,000 after it's all said and done.  Take that cash and use it as down payments on less expensive houses that, when totaled up, equal more than $2100 cash flow.  

Option 2:  keep it, dump money into it until it's paid off.  Have a $265,000ish paid for house that cash flows $2100/month.  

Option 3:  do option 2 but then take out a line of credit on the equity and buy more houses.

Option 4:  something I haven't listed here.

Thanks my friends!