If I were you I’d go online or the library and read up on Becoming a Landlord (or that link above). There’s a lot more to it than the financial planning. For instance: how to screen tenant applicants without being accused of discrimination, how to evict someone properly/legally (there is a Wisconsin Landlord/Tenant law booklet that is really helpful), how written contracts whether month-to-month or an annual lease are your friend! etc.
One thing, you said the rent received covers associated costs, but…what if you didn’t have a tenant? Maybe the old tenant leaves it a mess or there’s major damage, then a month or two might pass while you fix the unit back up. It’s always good to have money set aside to cover it all in between tenants. If you can do repairs yourself vs hiring contractors is also advantageous.
We were landlords for a few decades and it was WELL worth it to us, a great way to diversify your assets/ portfolio/net worth, get tax wise/passive income, etc Educate yourself with what you’re doing and it could be great!