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If you city is like mine, rental houses last about 15 seconds from when they hit the market. I would buy a couple of houses that needed a bit of work (so you can get a good deal), have them fixed up to the point they are nice enough for some mom/wife to say she would like to live there, and then rent them out. This would give you a constant stream of income being as the houses are paid for.
If you buy 3 houses for a total of about ($150,000 each) $450,000, and rent them for $1000 a month each, you have a monthly income of $3000 for the rest of your life (or whatever that would go for in your city). In about 12 years, your investment will have paid for itself, and assuming 3% inflation, would be worth about $650,000 - a $200,000 profit.
Flow
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