Are my rental numbers dogsh!shkabob or decent enough?

[Jerry Lundergard]

Hello everybody! I have a question. I own a rental house with 135k left on mortgage with 3.75% and monthly payment of 1100$ My house is located in a very solid B+ neighborbood in the NE San Antonio area close to IKEA. The house rents for 1545 to 1595 depending on season. I have a pretty high earning capacity currently but would like to retire in 5 years. I also have a spare ~100k I could invest or pay down this rental loan to get it cash flowing better. 

Do you guys think I am crazy to buy another house in the 175k range put ~60-70 k down payment then 15 to 20k renovating it then renting it for 1595? I calculate my mo mortgage payment plus tax/ins would be 1050$ with a loan around 100k @4.5 to 4.75%

Or should I just pay down the rental I currently own? How bad of a deal do you guys consider my current rental? PS, I own my primary residence outright with no mortgage. Thanks for advice!

[Jerry Lundergard]

Thanks for the replys guys! @bjorn - The 1% rule is super tough to come by on the ne side of san antonio. I dont have many wholesaler contacts but i do need more. No way your getting that off mls. I think to get the 1% rule on ne side the house would need hard money d/t beeing a super hot mess. I have a great plumber and a couple good contractors who do decent to good work and have good pricing. Im still scared of big projects requiring 50k+ renos.

@a dooley, i agree 2 cash flowers is better than 1 paid off but 1 paid off rental would make for stress free. However, i have no doubt my overall net worth will be higher with 2 vs investing in s n p or paying off first rental.