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That's obviously based on no mortgage payment though (and some pretty low estimates like letting agency fees of 1%). You'd expect a decent return on that.
You could get a similar return, for a lot less work, with a S&P 500 tracker or similar so really it comes down to whether you want to keep the property to either live in at a future date or hope for significant increases in the property value.
I am not sure how good this calculator is but that doesn't look too bad, I would probably be
in another country if I would be renting out so not sure about the income tax situation.