Since you already own a likely high appreciating asset (your condo), a cash flowing rental property in the less expensive areas you describe could be a nice diversification.  

These typically have hundreds of properties across multiple asset classes and geographies, which provides diversification and eliminates the dynamic of "one property goes dark and I lose 100% of my income".

Job growth, population growth, rent growth, industry diversification, income growth, low crime, and lifestyle. 

You might want to look into multifamily properties, which can offer a higher cash flow and diversification of risk.

You get more diversification because its spread across mutiple assets vs. one asset and typically people looking for that low of a cash amount do not have money to pay you back.

When considering whether to buy multiple cheaper properties or fewer more expensive properties for rental investments, there are advantages to buying more properties for a cheaper price:- Diversification: Spreading your investment across multiple properties reduces risk.- Cash Flow: Cheaper properties often have a higher rent-to-price ratio, resulting in better cash flow.- Financing: It may be easier to obtain financing for multiple cheaper properties.- Market Flexibility: Owning multiple properties allows for more flexibility in adjusting your investment strategy.However, factors like location, property management, and potential appreciation should also be considered.

Fraud does not cause catastrophic losses of net worth...lack of diversification does. 

$700 net flow per month is great, but if this is a highly appreciated piece of property you could be getting more, with greater diversification.

Your diversification strategy sounds great .I can share with you my experience on buying a vacant office building and placing a long term tenant. 

One thing it seems you didn't consider, is that in some ways adding more properties is reducing your risk, because you increase your diversification.