So much advice to not rent out places in my community

[Lucas A Davidson]

Hey!

I fully renovated an entire 3/1 home in a prime location (walking distance of everything), and will be renting it at an estimated $400 a month profit.

But, I have everyone - I mean EVERYONE in my community telling me to NOT rent and to flip it.

After capital gains, closings, etc, I would stand to gain far less than holding it...especially with an economic downturn coming.

My intent is a very rigid application process, including full background checks, references, and a $150 application few.

Knowing my goal is to build a portfolio of rentals for passive income, I'm seeking advice of my fellow BP'ers on if this level of resistance to renting is normal?

Thanks!