Hello- As with any town, you have to be careful with your assumtions, on rent, and a resale, and when...
Smart $$ says that we will not start to have increasing real estate prices for another 2+ years.
As far as buying and renting it out, take a good look at the local rental market. Apartments, PLUS also houses for rent.
In a bad seller economy (now) many desperate sellers will end up not selling but renting out their homes. Many of these people will rent out their house for cheap $$ because they still have to pay their mortgage every month on that property and they are maybe even in another state.
In general, keep in mind with any rental to budget based on what is a realistic rent you can get, and then only figure on 75% of that number. The other 25% you will be spending on different things, and vacancies, etc.
If you need any other question, please contact me. Good luck,