How Much Debt is Too Much... Or Not Enough?

[Jim Macedon]

I'm pondering my next move.  I just took on a lot of debt.  On the other hand, I have some equity I could access.  Not sure whether to:

A. Reduce debt.

B. Stand pat on debt and wait to build up another down payment.

C. Access equity for more expansion (more debt).

Here's my situation.  I have 2 single family rentals and I just built a 4 plex.  One of the SF is paid off and is worth about $250k.  The other SF is also worth about $250k, but still has $80k on the mortgage.  The 4 plex will be complete in March and I'm hoping to have more than 25% equity, but I will have at least the 25% down payment requirement.  SFs get $1675 and $1600 a month respectively.  Projected total rent for the 4 plex is $5600 a month.  Between my wife and me, our W2 income is about $120k.

What do you advise?