In the past year we have bought 3 foreclosures in working class districts. Each should rent for about what the mortgage payments would be. So if one is looking for cash flow currently, no. But if one is looking for a longer term safe investment, yes. The trick is to get a current mortgage in the 75% range at under 6% int. I believe long term the value of the property will go up 3% per year and when the mortgage is paid off one will have a hell of a good retirement. But it does take work.