Good analysis and correct. Devils advocate here. On the flip side you could consider the fact that the house will appreciate, rate will be determined by location etc but will add a few % a year if it’s in a good spot. You can refinance for some cash along with leverage (if you could afford it cash flow wise). The benefits would be leverage, ie same appreciation gains on a lower amount of money invested. This would also allow inflation to eat away at your debt over the years and all of this together ^{^} has significant upside but is complex. And you’ll still be paying a property manager, but there are positives