The equity pay down is nice, but you can't reinvest it without selling or refinancing, and otherwise you are $250/mo negative cash flow.  

Too much investor activity will most likely negatively affect your exit, which can chew up any positive cash flow or principal pay down you've been able to achieve.Do you plan on self managing or hiring a PM?

Every investment has a positive and a negative to it no matter what anyone says.

You pay your own water and electricity:)@Engelo Rumora take the Leybovich negativity w a grain of salt.

So when I approach a lender to re-finance the property, does my conversation begin with "I own the property free and clear" or do they want/need to know that it was paid for using an LOC and will that have a negative effect on their lending ability?

To the hun, I just saw statistics that your the #1 foreclosure market!!!

If you are going negative on rent because you speculated on appreciation and that is not happening now, maybe you are losing value right now, might be good time to "make that tough decission" and get out of those.

That property should lose about $65 every month in negative cash flow.

So with the other costs, you might actually be more like $200 negative cash flow on this one.

Prices here right now are holding pretty steady, even increasing a little despite all the negative real estate news.The Commuter Train is coming and has been for the last 15+ years or so.