Is my duplex cash flow worth it?!?!

[Jim Morris]

Greetings BPers!

I own a duplex in Daytona Beach. I've had it for coming up on 4 years now.  Literally the minute I bought it, I've been taken to the proverbial wood shed with this property. One thing after another after another, for years.... However, independent of the painful schooling I've had being a long distance landlord (I refuse to hand it over to a prop man co), I've managed to turn the property around, literally doubled the rent from when i bought it, significantly improved the tenant base and have updated, renovated, and flushed out most of the poor workmanship the property has suffered over the years. The property paid for virtually all of the work, non of it was out of pocket. 

I believe the property will be much more stable moving forwards, again, most everything has been replaced. I'm running the numbers on how much I need to tuck away per month to be ready for "X" down the road (roof, major paint jobs, ACs...). I was a little surprised how much the operating costs really are when I try and project what I'll need in 10 years to not have to pay out of pocket for big expenses plus the basic outflow (lawn, lic fees, termite inspections, insurance, taxes...)

Here's my question, the property nets 1500 per month after I pull everything out. Just about 50% is consumed off the top. Is this worth it? I estimate the property @ ~300k, it's free and clear. Sure, who wouldn't want 1500 extra bones laying around, but there's quite a bit of risk with a beach side duplex sitting right by the ocean. The area where the duplex is, is being (albeit slowly) renovated, there quite a bit of development going on and prices are definitely on the move in Daytona Beach. So in 10 years I may really regret letting this thing go.. 

Ultimately I wanted a vehicle that I could have control over to provide income to augment or bridge me into retirement (which isn't for 15 years). I'm also considering taking lessons learned from this and doing it again and take on another rental. Oddly I like landlording... I digress.

1500/mo worth its?