My experience in Rochester NY (I live in SF Bay Area) mirrors Caleb's in many respects other than the fact that I stayed in for about 10 years and at my height owned 6 city duplexes and a few suburban SFR's.Lessons learned from my perspective:(1) Do not discount basic things like weather. 

Me and my wife Laurence are planning on attaining a rental property within the year and hope to build a respectable cash-flow/appreciation income in the coming years for our growing family.

Or will this attract low class tenants who won't respect the property then?

At the expiration or termination of the Lease term, Tenant shall repair any damage to the Premises or its contents and shall leave the Premises and the contents in a clean and good ordered, undamaged condition with the kitchen and all appliances, bathroom fixtures and building equipment clean and in the same condition as on the first date of the Lease including without limitation all interior and exterior finishes of doors, walls, banisters, closets, cabinets, ceiling, railing, trim, stairs, appliances and equipment it being the intention of the parties that the Premises shall be returned to the Landlord in its original condition.Tenant shall also:Maintain the house and all appliances, such as refrigerator, stove, dryer, washer, alarm, heating and window air conditioning units, if any, and return in the same working order.Promptly notify Landlord of any repairs even if some are Tenant’s responsibility.Promptly remove all garbage and debris and place at the curb for collection in secure containers respecting all applicable recycling laws.Use all plumbing, heating, cooling, gas and electric and other facilities in a safe manner.Not flush wads of toilet paper, grease, oils, coffee grounds, fibrous materials, q-tips, sanitary napkins, tampons or condoms in the toilet or down any drains.

I would suggest driving around the areas you would consider buying in and scope out the area, get a feel of the environment.

What tenants don't pay, they don't respect.    

The Fed has created an environment of artificially low interest rates which starves several groups of yield. 

Also, it is important to note that you should be respectful of other owners.

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