I'm also not sure if you could buy a house for $500K. 

It turned out there were aluminum wires so we upgraded the electrical service, removed all of the walls so we could rewire the house (4 bed 2 bath).

I follow BP to remind myself of where I came from with Duplexes and Houses in S.

I agree with @Caleb Brown and @Lynn McGeeinWhen I bought my first house in 2018 I had the same problems.

@Elan Adler - I think the reason you are not getting much in the way of responses is that you will not find a house for $250k here that rents for 2k. 

Starting from the basic, a house has laundry and a refrigerator and a place to eat, to be with your family.

Same process anytime you sell a house that is leased out.

A house 3 houses down was for sale and got bid up and we thought it went for too much.

If that number is greater than the purchase price of the house, then I would consider buying the property after looking at other factors (location, condition, neighborhood, zoning, etc).In other words, 6 straight months of rent should pay for the house. 

Typically you want the debt with the property and putting that debt on your primary is generally a no-no unless its short term.If I were you I'd pull out 70% equity from the rental property, go find another house under market value to fix up and force appreciation.