Yes, bought two over 5 years ago and still have them. They produce about $1600 in income after expenses each month. Both properties were foreclosures and bought with cash. Bought when the real estate market was way down. Rental properties in my area are less then 2% vacancy. It has turned out well.

Well it took a while but here we are. We got the inheritance and we decided to buy property. With prices at the bottom (hopefully) we thought it was a good investment. We bought a 1 bedroom condo that was in perfect condition and a 3 bedroom townhouse that was trashed. Both were bank owned and we paid cash for both. We got a renter quickly for the 1 bedroom. It took me 5 months to get the 3 bedroom place ready. But it is finally rented. In total we are collecting $1700 a month in rent - with no mortgages on those properties.