Anyone own a rental property?

Would I do it again, absolutely, and we're currently looking for another property in the same neighborhood. Unfortunately we're losing the "market" to big dollar corporations.

Don't forget about insurance and taxes (we don't escrow), and the fact that you' can't legally claim homestead on a rental property.

Also self employment taxes on your rental income.

...and keep in mind that if your bank finds out it's not your primary residence anymore, they may force you to refinance at a higher rate (like 5-6%) and or/ shorter term (typically 15 years).