The numbers I posted are not theoretical - the Dow was factually at +/- 5500 in early 1971, and I used average inflation numbers to calculate the salary in 1971 that would be equivalent to $26/hr in 2018.From there, it was a simple mathematical jump to compare *time*. 

(At least on these properties)The other (mathematically better) option is to go through my first (mother of all) 1031 exchange and buy about 10-15 properties in more favorable markets (midwest) each cash flowing about $200/month.I'm interested in everyone's thoughts on these two options. 

It is a mathematical equation, it has nothing to do with an area or a feeling of emotion.

@Brent Breslin 's advice on debt and mathematically he's correct. 

The IRR as a mathematical formula only works with the closure of the CF loop, meaning money goes in, behaves as it does for a period of time, and then goes out.

By knowing the "where" and having multiple options on standby for places you would like to buy in, it gives you the flexibility of being able to talk to several brokers in different markets and finding the property that is going to work for you mathematically in a location you already know is going to be effective for your target audience.

This is the debt service coverage ratio.Mathematically speaking, debt service coverage ratio is defined as:DSCR = Net Operating Income (NOI) / Total Debt Service (annual mortgage payment)In other words, DSCR is a mathematical expression of how many times the income will cover the principal and interest mortgage payment.

Plus if your paying yourself for your time what ch we all should, And he might realize mathematically that you’re really not making that much.

. - from a purely mathematical and financial point of view you will make a much higher rate of return by NOT having them paid down to zero. 

Without knowing what the other issues are, it's hard to say if it is the "right" move, but mathematically, I would think it would be hard to cash flow anything higher with $25K.