Once you have strong cash reserves, then you can start looking at places to deploy the extra cash such as a downpayment on another property, etc. 

If you are trying to achieve and ultra low cap rate that tends to be a 1031 buyer.Buyers with cash sitting around tend to want more yield to deploy otherwise they are happy making small deals and keep churning the money until the right property comes along.

I can always pay it down faster if I have no better alternative for deploying the cash. 

@Aqil Dharamsey I am still deployed at this time but will be home in the summer of this year (around July).

You are in a market cycle whereby the money cannot be deployed for higher rates of return than paying off debt,2.

I would definitely deploy a responsive website from Storedge or The Storage Group that allows someone to rent a unit and pay online through their laptop or smartphone would be a big benefit. 

We used money we saved up as a mil-to-mil couple, did the 10% savings account while we were deployed, set aside money in mutual funds to grow it, used re-enlistment bonus funds, tax-free and hostile fire pay, etc. to put down payments on houses.  

With a deployment, that has meant I am now seeking to buy my fifth house in five years, all owner occupied (two VA loans, two FHA, seeking conventional on my fifth).I am in contract for a new construction in Killeen, TX, however my lender just notified me after turning in all my docs that I am clocking in at about a 65% DTI, and without lowering it to 45% the deal will be kaput.

Deployments and transfers killed me with the low income.

But you could just as well deploy your 160K over 5-10 smaller properties that would be easy to finance, easier to exit from and spread your risk (diversify).