Aiming 4 55, I think you did it!! $1mil in asset, $30k in rental income. You're at least financial secure. That's is quite an impressive portfolio. I got a couple question for you
1) how many property do u own in order to net $30k?
I project 2011 to be in low 40's but used 30k as a conservative number for the future.... 4 properties, 6 rental units.
Chicago, IL - 2 condos, purchased foreclosured in early 1990's and paid off within 8 years.
St Paul area, MN - one SFH and one Triplex. The SFH has a mortgage, but cashflows and on target to pay off within 8 years. Triplex was acquired last year with cash and most profitable (short sale), so I provide most of the prop mgmt and maint. I hired a neighbor with a plow for snow removal already this coming winter, next year instead of an increase in rent, one tenant will be mowing the lawn. I find tenants like this better, pride in his residence. I'll cover if he's on vacation.
Not counted -
Chicago 4 plex - purchased in 1991 for my mom, rent paid off mortgage in 10 years. My mom lives in one unit, the other 3 cover expenses/reserves and pocket $$ for mom. She is retired and lives off her SS and can get by without the extra $$. Mom serves as the prop mgmt but I coordinate any major repairs, gives me reason to call her weekly, visit almost monthly to see how she is doing 
. I feel this is a cushion for the future, I do not account for any of the monthly rent or asset in my numbers. If my mom passed, I am comfortable taking over the building as needed.
2)how old are your kids?
DD 5 and DS 4 in a few months, an out of pocket cost/investment of 100k that will cost me dearly, but worth every penny IMHO.
3)how much do u still own the bank?
About 175k on one property, but have reserves to payoff now, but considering another purchase in cash. I'm really at a crossroad, is the extra cashflow needed or do I want the extra project. I will decide within the next 6 months as I don't like paying interest, even tho it's a pretty low rate. A good thing, but asking myself "why"? It will depend on the new job that I start next week.
4)How do calculate the value of your properties..zillow, tax assement...?
Value for my properties to me, if I was going to sell or re-fi, I would look at public records (MLS, County records, Zillow) for "like" properties that sold within the last 3 - 6 months and substract 10%, then subtract potential capital gains/depreciation. I'm conservative. Now if I was trying to sell, I would tell you it's worth alot more
and Last, may i ask what region in the country are you at?
I reside in the Midwest - St Paul burb, MN.
thanks
congrats. I m really impress.
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