Just want to add that you need to account for vacancies between tenants, and the need for new paint in between tenants, plus the possibility of needing new carpets, etc.
IMHO, it’s best to rent for slightly below market to a really strong tenant who will take good care of the place and stay long-term. Also, rents are often not raised much on these types of tenants, so if you do this, don’t expect rent increases every year. If/when you do raise the rent (perhaps every 2-5 years), expect it to be by small amounts. Otherwise, you might have much higher turnover which will often cost you a fair amount of money.
