ROI on Paid Off Property

[Robert Carney]

I understand that the first thing everyone will say is "Don't pay it off and leverage more properties" but I'm curious how to correctly establish ROI on an investment property. If I pay it off, I'm at least saving the interest rate less tax savings but unsure how to establish an accurate ROI which factors in cash flow and appreciation.

Details are below:

Bought: $165k

Currently Owe: $110k

Current value: $315k

Current Rent: $2k

My end goal is to exit the corporate environment before normal retirement age, so I’m trying to make as close to my w2 income in passive income as soon as possible.

What are your Thoughts about paying this off, then snowballing income into the next property and continuing that until my exit makes sense. My peers’ COVID experience has me more interested in the ability to exit from a w2 job that I enjoy when I want, versus a massive leveraged portfolio.

Thanks for your input!