Dave Ramsey says he loves rental property, but unless the deal is putting money INTO your pocket every month it is a risk he will not take. I respect his opinion. There is a risk of housing price drops, deadbeat renters that live there for 6 months while you go through the eviction process(maybe less likely with a nicer home?) and the possibility of having it be vacant.
His site is
www.daveramsey.com if you want to check it out.
The guy that wrote "Rich Dad, Poor Dad" had a similar opinion. If it takes money out of your pocket every month it is a liability. If it puts money into your pocket every month it is an investment.
Just another data point and opinion for you.
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Rob Channell
One Way Motorsports
1979 911SC mostly stock
1972 911T Targa now with a good 2.7
1990 Miata (cheap 'n easy)
1993 C1500 Silverado (parts getter)