I have a handful of rentals in a mid-sized city in the rust belt. None of them were purchased for more than $25,000 and rents are on average $500. Most would advise not to invest in houses like these in the rust-belt. And, that is still solid advice for most folks.
In 2015 my main goal was to break even. In 2016 my goal was to make $14,000. This year my goal was to make $24,000. I met my goals for 2015 and 2016. I just met my goal for 2017 with 8 months to spare! If this is continues I might bring in closer to $40,000 this year.
Granted not all of the rentals are doing well, I have one that's a real pain and has always been a pain. It's on the market with no takers. So... liquidity is an issue.
Today I want to give the rust-belt a little love.