Pay down mortgage or renovateMy wife and I have a rental property that we owe ~$206K on, house is worth $220K. We have saved up approx. $80K we can use to paydown the loan. Interest rate is 4% and we still pay PMI. The rent covers the mortgage, but we pay out of pocket for HOA and Property management so we don't break even completely. Paying it down would probably do this, but if we renovated, this would allow us to charge more rent. Not sure which way to go.Any suggestions?January 04 2014 - Powers00YesReport a ProblemProblemSelect oneOffensive contentIrrelevant contentSpam (pure self-promotion)OtherDetailsYour emailPlease enter a valid email address.Submit CancelContent flaggedWe will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.We're sorry. This service is temporarily unavailable. Please come back later and try again.