We've thought about it, but we just can't make the numbers work. Even renting unfurnished, assuming the tenant pays their own utilities, the owner really should still plan on the amenities fee, water, garbage and lawn care because they are not optional. Have to remember, too, everything else will be higher, such as taxes (no homestead), and insurance is higher on investment property, plus maintenance. In your own home, if the faucet starts a small leak, you jump right on it. If a tenant doesn't tell you until it becomes a bigger problem.....more expensive.
Having said all that.....if you're paying cash for the house and add up ALL the expenses, and your monthly net comes in higher than you are making in other markets, then I say go for it. Almost impossible to imagine TV real estate going bust anytime soon, and if you're right here to manage it yourself, you can save some on fees and really stay on top of things.
We would need to finance (by the way....higher interest rate , and down payment, on investment property), so it doesn't work for us, but if we had the cash, we probably would do it.
You could probably make more money on it if you furnish it and rent shorter term, but that's a whole other type of business and not for everyone. Aside from the higher rent, if you get a bad tenant, they are only here for a short time, and if the tenant is not taking care of "whatever", you're in the unit on a more regular basis to check things out.
Obviously a LOT to think about, but it's a great "part-time" job, if you're up for it.
Good luck!!
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