As rent increases with inflation, the rest of your numbers will follow.If buying a condo, thoroughly review the financials and make sure reserve account balances are in line with the most recent reserve study.  

Want to keep things simple as I am closing in on retirement and want to supplement earnings.  

Consider, Cost to turn the unit, cost to advertise, down time, and chance next tenant would be any better than this one.I think your late rent issue a few times is small compared to what you could end up with.M2M and let her ride. do rent increase in Spring so your chance of turn will come at better time for you.

It doesnt mean they are making money, what is does mean though is property prices are increasing because of it.

For example a simple duplex in my area that is on two separate parcels would cost $200K each for a total 400k.

Rents have increased here quite a bit but much less inventory from what I've researched.

Looking to increase my knowledge in real estate to for both personal and financial gain.

Slowly increased rents flipped on the 5-7 yr mark.

Any new laws coming down about increasing property taxes?  

If the price drops, then the cap rate would increase and by your explanation would mean higher risk.