We bought it at a good price for the market we were in ($130k and we project selling for $250 on the conservative side) mainly because we knew that we were new to this game and would most likely make all the rookie mistakes.

I own a few rentals and recently decided to actively start building my portfolio.

To the rental game experts, would you buy this as your third rental property?

@Jonathan Marsh I'm in similar boat looking at expanding my portfolio with some note purchases.

As an agent, you should have some portfolio lenders on speed dial. 

I think of it as a odds game.  

My main goal will always be to build a portfolio of long-term buy and hold investments and to acquire properties with as minimal cash invested as possible.

and no one advertises they do 500 mil dollar loans.. so you now know that all of those guys are frauds .. and that there is no 5% money.if you want to find out current rates for Private/HMLI like to recommend Lendinghomes website it has a easily readable pricing matrix.. and of course they are real. while you may find some cheaper money.. from say Conventus .. you also need a lot of skin in the game and you need experience.. 

If you are cashflowing now, have a solid tenant pool where it's easy to rent out, your property is almost paid off and you want to build up a rental portfolio why sell?

Well...the Dayton Dragons baseball team has the most consistent sold out games of any sporting team in North America (startling fact), Warped Wing opened a second location, and a half dozen other breweries are now open in the city...Boston Stoker coffee is totally awesome and has several new locations (this is important because it's a key indicator for the successful revitalization of many cities...beer-food-coffee is key)...there is a river front development that is reminiscent of Columbus (which was awarded best on the country), there is big inner-city revitalization...I saw a developer by the name of Simms pre-sell 24 $500k "Brownstone" townhouses in the center of downtown (unheard of in Dayton)...there are 30 renovation projects going on downtown...and they now have a full time staff on the streets to keep the city clean...the population is on the increase for the first time since 1964....I mean this is pretty superficial, but it's every bit as important as economic indicators...there is a lot more to this...There are still "war zones" in abundance in Dayton and it's the Opiate Overdose capital of the USA...but getting better rapidly...just proceed with caution if you elect to invest there...a local subject matter expert is a must!