DBV1985,
I am a huge fan of owning a personal residence free and clear of a mortgage, and the experience of rapidly retiring the debt transform how you think about the power of directed, short term financial goals.
If you plan to use the condo as a rental property in the next few years, you may not want to pay off or even pre-pay the mortgage. The ROI (return on investment) is typically much lower on a rental property when you have more money in it. Additionally, if you need funds out to purchase a new home, you will likely be paying a much higher rate. Current 30 yr rates are near 4% for a personal residence, and add at least 0.75% more for an "investment property." Outside of another major financial crash, it is unlikely you will see rates as low as 3.125% in the next 10 years.
A major increase in property value would negate this reason if you plan to borrow against this increased value (aka: equity) if / when you turn the condo into a rental unit. The strategy here would be to put a mortgage on the unit about a year before the rental conversion so you have access to the lower personal residence rates. (I have been told most FHA conforming mortgages have a requirement that the Owner "intends" to reside in the property for at least one year following the origination date.)
BUT... If you are going to pre-pay on the mortgage, have at least 6-12 months of expenses in reserves. Personally, I chose not to prepay, and I paid the mortgage off in one lump sum. I worked in tech and always considered my job one corporate reorganization away from a layoff.
Sending that wire transfer for $95,683.27 on 6/27/97 to pay off my mortgage was soooo freeing. I had about 4 months living expenses available at the time, and I figured I could raid my 401K & IRA if things got "bad."
I will save you from my rant on how the 30 year mortgage lead to lifestyle inflation in the US...