“the properties we bought after the GFC represent a considerable opportunity cost compared to what our same era parallel investments in equities have produced. It’s a circle of competence thing coupled with the capricious nature of the folks renting properties.”

Interesting & makes sense. Reminds me if a lesson my Dad (and I) learned. In the 1980s, along with a few buddies, he bought a new condo unit on the beach in Myrtle Beach and rented it out via mgt company for ~5 years before selling. After the HOA, mgt fees, storm damage, wear & tear, replacement of items, taxes, etc. he said it made no sense to hold on to it as an investment. Fortunately, he understood value investing & compounding and patience, but had to check the beach condo box. Good memories of the Grand Strand but it taught me a lesson wrt vacation properties & 2nd homes- I’ll pass and try to stay in my small circle of competence.

I find primary residence is pricy enough as it is. Btw, I thought in 2017 we’d perhaps make and extra payment here and there to perhaps pay off the 30 year mortgage (3.75%) early, but glad we have not, given the performance of Berkshire & equity markets.