Personally, if your market tends toward the former condition (better/normal appreciation) I think it's a fairly safe deal looking at the long term, assuming infrastructure around you continues to support the idea of renting it.

Build a solid foundation before taking a step up - each and every step of the way.There’s a way to scale recklessly and there is a way to scale safely.When OPM is involved safe is way better than reckless.Despite a life long career in RE, I scaled as followsBought a few duplexes for my own accountBought a fourplex for my own accountBought 12 units as a JV with some friendsSyndicated 43 unitsSyndicated 30 unitsBought another 12 units as a JVSyndicated 281 unitsThis was over a 3 or 4 year period.and so forth - now I am GP in close to 1000 units with $125M AUM.Even with all that, my sweet spot is 30 to 50 unit properties - they work best for my partners and I and more importantly our investors. 

We purchased our laundromat in a safe, middle class neighborhood.

Kodak was a industry "beast", a definitive "safe" investment, until it wasn't, and it went to trash in a flash.   

Only place I felt "safe" in CA was on base.

Prioritize tackling critical issues and beefing up security to keep your property safe and sound.

., a keyless entry or a streaming device) can also boost your ROI by enhancing guest experience.

Quote from @An Lan: I am not a professional real estate investor, I just invest in houses as a safe asset and do not choose to rent them out.

Portfolio Payoff is very conservative and safe.

If a tenant has a recent eviction action then it is safe to assume they are not a responsible tenant.