Depreciation is good, but has to be recaptured eventually. You can defer it for a very long time by trading up using 1031 exchanges, but IMO that is a bonus to buying rental property, and should not be part of the equation.

Simple math, net projected REALISTIC income, WITH a vacancy factor needs to be done.
Lenders usually only allow 75% of rental income to allow for vacancy,maintenance,utilities, etc.

If someone already has their primary residence in place and financed well, paying cash for rental property in a “midwest sleepy farm town” would still be a foolish thing to do IMO, but better than blowing it on something that would never return anything.

There are many people that have made money from real estate (and stocks)that made foolish choices by conventional standards when they bought, but still did well. Was that luck or a skill ??

This will always happen. There are people buying today that may or may not be as lucky.