Sell cash flowing condo to buy 4-plex(s)?

[Bud Dwyer]

I currently own a condo in San Diego that I purchased for $82k around the bottom of the market in 2009.  It cash flows at $4k per year, so it has been a pretty good investment for me.  The price today is around $180-200k according to Zillow/Redfin/Realtor and I have a meeting with a realtor later this week to discuss what I could get for it.  I still owe $50k on the mortgage.

I now live in Phoenix and have been researching different real estate options for the past couple of years.  I would like to start buying B and C level 4 plexs' around the Phoenix and Mesa area that are in the $150-200k range.  My strategy (if you want to call it that) is buy and hold.  I'm looking to supplement my income, and use it to buy more properties down the road.

I figure by selling the condo, and the $50k I have in savings I can start putting $40-50k down payments on places before the rate hike happens later this year.  If there is anything I'm missing, or if anyone has any advice good or bad I'd like to hear it.

Thanks