Will I be FI after mortgage payoff?

[freeatlast]

So, I have been working very hard to pay off my mortgage and I think I can be done by the end of 2017. So question I have is this? When I am done, will I be FI? Please no face punches for the decision to pay off the mortgage, buy the rentals with cash, and for not getting enough rent!

Assets:

1. Paid off rental house - value $250k - rent $1200  - take home after taxes $1000
2. Paid off rental house - value $300k - rent $1400 - take home after taxes $1150
3. 401(k) - $350k (i am currently 47 and can't access this yet)
4. Main home worth $475k - is built like a duplex - could rent out downstairs apt if needed for about $800 (has its own entry, kitchen, bath etc...). I would prefer not to rent it though.

I am married but keep expenses separate from hubby. My portion of the property tax on main home will be $300 per month.  I will need to pay about $200 in utilities per month. I am mustachian and don't mind living simply. I want very much to retire at 50, which will coincide with mortgage payoff.  Can I do it? I am close, but not sure I am there.

Thanks!!!!!!

[ruraljuror]

Will depend on your expenses. How much do you plan to spend each month/year?

[freeatlast]

I spend about $1800 a month but this does not include the $500 I will still need for the house.  Ugg... so I think I will be short a little bit short every month.... So that means renting out downstairs or working at least a bit :( .  I wonder how much in liquid savings I would need to carry me over til when I can tap the 401(k)...

[SwordGuy]

You don't list rental expenses like:

Property Management
Vacancy
Repair set-aside
Taxes
Insurance
Termite Treatment
Utilities you have to pay
Possibly other items, too, depending upon the property.
Damages
Professional fees like accountants/lawyers.

Unless I misunderstood you, you are very much overstating your rental income.  You appear to be confusing rent received with profit available for your livelihood.

[MDM]

You might do some "what if?"s in the case study spreadsheet, and then more detailed calculations in one or more of these: Best and/or Recommended Retirement Calculator - Bogleheads.org.

We (more importantly, you) really need more details (e.g., SwordGuy's question) to give a good answer.