It's been worth it for many investors, including me but it depends greatly on what your expectations are.

@Steve Lee ,  I used to live in the area,  base on your loan amount,  the numbers may be good but base on the market value and the possibility to repositioned your equity  in something more profitable   the numbers are not so good,  I really not expect that prices to go higher,    there are more options to put your 200k equity to work for you. 

Most firms will prepare a complimentary estimate (feasibility analysis), for you to see the numbers, of how much it would cost, and how much benefit you could expect.

Thought it was the Windows sweating as they were aluminum and seals broken. so bought new Windows, which almost didn't get installed because of the rot from water intrusion the installers found.  

- You can expect between 1-5% as an origination fee - also known as points.

You can expect to retain 70% of rental income on a decent property with decent tenants. 30% will go to taxes, insurance, maintenance and vacancy.

Don't expect the land to be cheap.The main thing that drives the price of residential properties (including multi-unit dwellings) is the location.Location, location, location!

Besides November and April, I'm expecting the occupancy rates to be similar to what we have seen so far.Please feel free to reach out directly with any questions.Mike

For me these properties usually end up having knob and tube wiring so we take them as expected gut jobs. 

If you think you can only get $200/month extra from the rent... that's not a lot of room for error, should something go wrong or get broken and needs replacement.