There are interesting possibilities if you can compromise on the city. For example, take Worcester MA (2nd largest city in New England, still close to the high-tech areas). In Worcester you can buy a "triple-decker" (three three-bedroom apartments) for $400K or less. Rent is ~$1100 / unit, so this can easily pay for the mortgage.
yep. but if you have the leftover income and time to invest and maintain rental property, you also have the leftover income and time to research and invest in stock market. or study for a professional degree with higher salary, or seduce and mary a rich heiress, etc... all those will get you more money in the end.
I'm not being dismissive though, I agree with you. In a handful of affluent metros, directing some of your disposal income in the rental market is just a non-starter. In the majority of the country, you at least have that option.
http://www.zillow.com/homes/18-Ferdinand-ST-Worcester-MA-016...
Companies no longer offer pensions, so better start your rental empire now.