Invest or not? Need advice!

[Fernando V.]

Investing or not?

 Here is my situation;

My first home 135k, owe 90k, equity 130k, could rent at $500/month, undecided to sell or rent.

My second home 220k, owe 174k, equity 100k, could rent at $1600/month, upgraded to my preferences, rather not rent.

I am 34 y/o, single, I have savings of 110k approx., no student debt, car is paid-off, no debts other than two mortgages. My 401k is max out on matching and I invest on my employers stock.

I currently moved to a different city because of work (~90k a year) and leased an apartment for $1500/month, lease ends on Dec 2017. 

Should I stay with cash on hand or invest? I am currently pre-approved for a 265k loan @ 4.625% for a duplex to invest in. I have also given a thought to payoff one of my mortgages. My business way of thinking says something and my emotionally conservative side says another.

I want to avoid being over leveraged and if something goes south, have the cash available. Any thoughts?