[sck007]

There are a lot sound advice from those who have chimed in. I would suggest doing a study for your surrounding area. Here in Houston we have HAR (Houston Area Realtors) site. You can lookup properties for rent in your market area including market sale to gauge what the going rate is.... Also, tax records as a base for the value of property being purchased. It's no Bible but should give a general tax value and tax rates currently being paid.

Some people buy properties to rent for monthly income or investment for the appreciated value or if luckier....both. If your getting a good discount and it cash flows out than it is almost a no brainer. You didn't mention if you were paying cash or bank financing. If financing at the bank that maybe a harder sale unless you put a significant amount down.

I have been doing the landlord thing as a side business with a Partner for the past 8 years. Location....location.....location is really important. Also, it is a big benefit if you can do most repairs yourself. All it takes is a few repairs and you will have a negative cashflow. It is a benefit in your case that you are so close to the property so you can manage it.

Finally, as mentioned above please do a proper background check on renter. The laws are really in favor of the tenant....

Good luck!