Anyone own a rental property?

We've been renting my wife's house for the past 7 years.

Worst year, we lost about $3800 in unpaid rent, running 2 months without rent, and repairs.

Last year was the best year, we made about $3800 (ironic, eh).

Averaged over the entire term, we are $1500 ahead per year.
(plus still owning a second house that someone else is paying for)

Notice I'm not using the word "home" as you have to be able to divorce yourself from the property, emotionally.

I like to have enough cash to run two months empty, plus about 2K for emergency repairs, and that's probably pushing it.

There IS a "sweet spot" for renters who can afford a decent place and have a better chance of treating it well. In our area it's a 1200 SF +_ house for about $950/mo.

Any less house/rent and you get a "lower quality" tenant.
Anything above $1000/mo and you get nit pickers who want everything perfect, yesterday.