Treat this property as a business and factor in all the associated expenses, including mortgage payments (if you pull a loan), maintenance, and potential vacancy periods.To simplify management and make this less of a hands-on job, I’d strongly recommend working with a property management company.

Insurance is just an expense to factor into your underwriting just like property taxes.

Also factor in if the rents jumped a lot and if that would lead to a vacancy, which will cost you more in the short term. 

@Damon AlbersI hate the alphabet rating system because it is such an arbitrary thing that boils down many important factors to one letter. 

I would definitely factor in some substantial capex/ maintenance and repair costs which could lower your returns.  

And, factor in the depreciation and other tax benefits, deductions, home office, vehicle expenses, etc. 

Budgeting for furniture and coordinating the time to execute or hire a designer is something we try and factor into our Pro Forma or analysis.

@Alex Messner, your decision, amongst other factors, mainly depends on you and your wife's financial profile. 

I'm in Iowa and while not KC, I think the factors are probably similar being in the Midwest. 

most of these "youtubers" etc social influencers are nothing more than paper tigers.