Though you should never bet on appreciation, from the sound of it, it is highly likely that this property will appreciate nicely. 

I'll bet we have a couple members with silent keyboards (past away) that may have their membership still active.

At a purchase price of $203k, I'd bet not because they're likely renting for around $1,200 to $1,300 a month. 

(largest artillery base in the US) Those who have bet on it's closure since it's inception in the late 1800's have lost.

See how much brick you have in there - I bet you see quite a bit of broken pieces of brick and mortar.

Granted your risks are limited with the car purchase, where the RE purchase has the potential of unlimited risks, but over the long haul I'm betting on the RE investment as a low risk investment.

Are you simply betting on the ability increase rents faster than expenses might increase?

Appreciation is NEVER guaranteed and betting on it is a like playing a lottery ticket.

K. you're probably right, 500K isn't an indication of either and I'd bet in some parts of MO, that could be very true, however, not in little old SW MO, not saying everyone is that smart, just smart enough to get good advice. :)

Use charcoal filters on your face mask; I bet the smell is less than amusing.