Question/Advice About Taxable Income On $507k Cost Basis Condo

[Danny N.]

So I was just thinking about this tonight and will call my CPA tomorrow, but figured Id ask here for now. I have a rental condo currently thats worth $650-675k, I bought in foreclosure for $507k, 18 months ago. Anyways I currently get $3500/mo rent and have a mortgage with $227k left. Basically mortgage is $1268/mo + $690/mo maintenance + $700/mo taxes. I basically add all the rent + a little more to the mortgage and pay an extra $1000/mo or $500 every 2 weeks. I started with a $254k mortgage last march and Im down to $227,700 right now, so Im happy with that. My question is about potentially paying it off.....

With the whole 27.5 year depreciation on a condo like this, the depreciation is $18,436/year which is $1,536/mo. So if took in $3500/mo in rent and maintenance was $691/mo and taxes were $700/mo and the insurance is $900/year so give or take the net is $1900/mo. What would be my taxable income? Im just curious if its worth paying off the last $227k or just buying another $230k or so rental, which is what im contemplating. I know leverage is always better, but Im retired, and I collect SS, so Im not sure whats best in my situation right now. Thanks