Eesh. Not a good investment. Breaking even is bad. You should check out Bigger Pockets and the 50/2 rule. It's an ideal case, but if you're not even close, then it's a poor investment.
We'd had this discussion before.
All property markets are different. In many parts of the world you just are not going to get your unicorn 50/2 rule.
You'll be waiting for the next millennium to find a 50/2 rule Property in Sydney for example.
Did you see the part in bold?
The "2" isn't a hard set thing... you can destroy typical stock market returns at 1.25-1.5%, as long as the 50% holds and you get reasonably cheap credit. It's below "1" that the dynamics really change. Debt service and costs start to exceed rents there, and cashflow-negative rentals (which this really is, after maintenance and other nasty surprises) are a fundamentally different investment from the ones large investors look for.
What OP describes is probably more like 0.6-0.7%, which, if he wants to speculate on appreciation, might be his bag. But if he just wants to lock in some stable cash flow for retirement, he has better options. That is a shit-ton of capital to tie up in one play, just hoping its value rises.
But, like I said above, others have found great success by investing cross-country. It's absolutely what I'd do with the majority of my savings if I picked up and moved to his town today. It does take some work, but I gather it's worth it.
Just an example: I recently looked at a block of duplexes from $70K to $90K rented for $500+ each side. Owner fi, 15% down at 4%. I'm not biting cause there are better deals in town. These are double-digit cap rates even with 100% paid management, maintenance, and all. I wouldn't have to live here to buy something like this. It's 100% turnkey, rented, under management. OP could go to any number of towns, many of them less distant, and find similar deals.