Payoff student loan or rental property

[Jordan Blanton]

My wife and I are about to sell our old house (already living in another one) and we're looking to make a good amount of profit on it. My question is: Do I pay off my student loan or my rental property?  

Rental property: Purchase price $56,000, put down 20% so currently owe around $41,000. Interest rate right around 5% and mortgage is                                   $396/month and gross monthly rent is $850. 28 years left on mortgage. 

Student loan: Refinanced through Earnest with an interest rate of 5.11%. Started paying in March 2019, current payoff is $39,800. On an 8 year plan with scheduled last payment in January 2027. 

Both are basically the same payoff amount and similar interest rates. My thought process is that I want to build wealth since I am 27, and while paying off my student loan now seems appropriate, I'm also thinking about having a paid off house for our family that we can use to pay off my student loan and continue to have that rental income every month for the rest of our lives. Also the amount I would be paying in interest on the student loan is around 8k (if I don't pay more monthly) and approximately 40k on the mortgage. 

I would love to hear some input and opinions!